Oil rose Tuesday amid concerns of growing Iran-U.S. tensions, after U.S. Treasury Secretary Scott Bessent told CNBC that all Iranian airlines will be shut down from Wednesday. Futures for international benchmark Brent crude for November delivery gained 1.2% at $101.54 a barrel. U.S. West Texas Intermediate futures for October advanced 0.77% at $96.55 per barrel. Bessent told CNBC that all Iranian airlines will be shut down from Wednesday. "How do we do that? That if they land, you cannot provide them with fuel. You cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system," Bessent said on CNBC's " Squawk Box .
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