US Strikes on Iran Send Oil Prices Soaring to New Heights

The US has launched fresh strikes against Iran's Revolutionary Guard targets, escalating tensions in the region and sending oil prices soaring. The attacks followed attempted Iranian attacks on commercial shipping in the Strait of Hormuz and American service members in the area.

President Donald Trump warned that if Tehran retaliates 'they will be hit again at a much harder and higher level', as Brent crude pushed above USD94 a barrel, its highest since the US Central Command confirmed the strikes.

The increased oil prices have also triggered a global bond selloff, with Australian government's 10-year yield reaching a 15-year high of 5.16% and Japanese 10-year yields hitting 3%, their highest since 1996.