Bond Market in Revolt as Oil Hits $92, US-Iran Conflict Escalates

The global bond market is experiencing a selloff as investors express frustration with government debt levels and growing concerns about the escalating conflict between the US and Iran. The price of Brent crude oil has risen to $92 per barrel, contributing to the market's volatility.

In response to Trump's rejection of an Iranian peace deal, bond yields have surged, with the U.S. 30-year Treasury rising to 5.278% and the UK 30-year gilt hitting 5.8906%, its highest level since 1998. The Japan 10-year bond has also reached 2.992%, its highest since 1996.

The conflict between the US and Iran continues, with both sides engaged in skirmishes in the Strait of Hormuz. Trump is considering further limited strikes on Iran to degrade its ability to hit ships on the strait, while Iran's President Masoud Pezeshkian has offered to accept the original peace deal proposed by the White House.