Oil prices moved higher on Tuesday amid worries over rising Iran-U.S. tensions, after Treasury Secretary Scott Bessent told CNBC that all Iranian airlines would be shut down starting Wednesday.
Key facts
- Oil prices rose on Tuesday, September 22, 2026.
- The increase was linked to concerns over growing Iran-U.S. tensions.
- U.S. Treasury Secretary Scott Bessent told CNBC that all Iranian airlines will be shut down from Wednesday.
- The warning was reported by CNBC.
Oil prices rose on Tuesday as markets responded to concerns about growing tensions between Iran and the United States, according to CNBC.
The move followed a warning from U.S. Treasury Secretary Scott Bessent, who told CNBC that all Iranian airlines will be shut down starting Wednesday.
The prospect of heightened friction between Washington and Tehran added to worries among energy market participants, contributing to the upward pressure on crude prices.
As a major oil-producing nation, developments involving Iran are closely watched by energy traders, who often factor in the potential for disruptions to supply when tensions with the United States escalate.
The report did not specify the exact price levels or the full scope of measures beyond Bessent’s statement regarding the airline shutdown.
Why it matters
Oil price movements ripple through the global economy, affecting fuel costs and inflation for consumers and businesses worldwide. Rising tensions between Iran, a significant oil producer, and the United States can heighten fears of supply disruptions that push prices higher.
Frequently asked questions
Why did oil prices rise on Tuesday?
According to CNBC, oil prices rose amid concerns over growing tensions between Iran and the United States.
What did Scott Bessent say about Iranian airlines?
U.S. Treasury Secretary Scott Bessent told CNBC that all Iranian airlines will be shut down starting Wednesday.
When would the Iranian airline shutdown take effect?
Bessent indicated the shutdown would begin on Wednesday, according to his statement to CNBC.