Iran-US Tensions Send Oil Prices Soaring Amid Shutdown Threat

Oil prices rose on Tuesday amid growing concerns over escalating tensions between Iran and the US. The increase in oil prices comes after US Treasury Secretary Scott Bessent told CNBC that all Iranian airlines will be shut down from Wednesday, citing restrictions on fuel and landing services.

Brent crude futures for November delivery gained 1.2% at $101.54 a barrel, while U.S. West Texas Intermediate (WTI) futures for October advanced 0.77% at $96.55 per barrel. Bessent's warning added to existing tensions between the two countries, with Iranian President Masoud Pezeshkian set to address the United Nations in New York on Wednesday.

Pezeshkian is expected to present Iran's positions on international developments, including its war with the US and Israel. Meanwhile, diplomatic efforts are underway, with talks scheduled between leaders of several countries on the sidelines of the UN event.