US Treasury Yield Hits 5% as Global Oil Prices Soar to $108

The yield on 10-year US Treasury bonds has surpassed 5% for just the second time since the 2008 financial crisis, driving up mortgage and other borrowing costs. This milestone comes as Brent crude oil reached a price of $108 per barrel, largely due to disruptions in Saudi Arabia's East-West oil pipeline following drone attacks from Iraq last week.

The sharp increase in oil prices is expected to have far-reaching consequences for the global economy, particularly in countries heavily reliant on imports. As officials in Saudi Arabia acknowledge it will take weeks to repair the damaged pipeline, concerns over the stability of the global energy market are growing.