Bond Yields Soar Amid Rising Oil Prices and Inflation Concerns

Global bond yields soared to multi-year highs on Thursday as oil prices surged above $100 a barrel due to concerns over a prolonged conflict in the Middle East. The rise in energy costs fueled worries about disruptions to already tight supplies, causing global markets to slump.

The European Central Bank (ECB) raised interest rates for the second time this year to combat inflation driven by energy prices. President Christine Lagarde said that inflation would be 'longer lasting' than anticipated and hinted at more rate hikes in the future.

U.S. stocks also declined, with the Dow and S&P 500 falling by 0.6%, while the Nasdaq dropped 1%. The dollar strengthened across the board as investors sought safe-haven assets.