The most common and most likely answer to this crossword clue is the 9 letter word NAILBITER
I've seen this crossword clue in The Times
N
A
I
L
B
I
T
E
R
Buddy explains!

The straight part
We know that "situation marked by tension" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case situation marked by tension = nailbiter.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does NAILBITER mean?
NAILBITER noun- One who bites or chews his or her fingernails
- A nervous or uncomfortable situation
- An engaging or exciting cliffhanger.