Commodities
Bond Yields Surge as Oil Prices Hit $107 Per Barrel, Global Markets Plummet
Bond yields surged to fresh two-decade highs on Thursday as oil prices jumped above $107 per barrel, pushing commercial diesel fuel prices to all-time records.
The yield on the 30-year U.S. Treasury bond soared to 5.446%, its highest level since 1996, while the yield on the 10-year bond climbed to 5.15%, its highest since 2007.
These rising oil prices have also driven up gas prices, with regular unleaded gasoline averaging 50% higher than it was when the U.S. and Israel attacked Iran in late February.
The global sell-off has spread to sovereign debt markets, with Japan's 10-year bond yield reaching its highest level since 1996 and Germany's 10-year bund notching its highest yield since 2009.