Brent crude futures rose more than 2% intraday to $107.44/bbl. The more actively traded December contract also gained over 2% to $99.87/bbl.

UK mortgage approvals unexpectedly fell in August as higher borrowing costs linked to the Iran war deterred buyers. Data from the Bank of England on Tuesday showed approvals dropped for a second month to 54,918 from a downwardly revised 55,928 in July, the lowest since December 2023; economists had expected no change. With the Middle East conflict ongoing, headline mortgage rates are approaching 6%. Markets also expect Chancellor Hiley to raise property taxes in his first budget to shore up public finances, adding further pressure on the housing market.

China Coast Guard said its Zhujiajian task group conducted routine law-enforcement patrols in waters east of Taiwan on Sept. 29. The force said the task group has stepped up control of the area since early September to protect navigation and operations and to safeguard the lawful rights and life and property of Chinese citizens, including Taiwan residents. The coast guard said it will continue to strengthen patrols in waters under Chinese jurisdiction to defend territorial sovereignty and maritime rights.