Eurozone Bond Yields Edge Up on Renewed Hormuz Concerns

European bond yields edged up on Thursday as oil prices rose due to renewed doubts about a deal to reopen the Strait of Hormuz. Germany's 10-year bond yield, considered the benchmark for the eurozone, increased by 2 basis points to 3.25%, remaining close to its 15-year high.

The price of Brent crude oil climbed 0.7% to $88.45 a barrel, up from Wednesday's low of $85.40. According to Erik Liem, rates strategist at Commerzbank, 'Bunds are unable to hold their gains from previous sessions in the face of higher oil prices.'

Investors are concerned about inflation and government spending, causing eurozone bond yields to rise to their highest levels in over a decade in some cases. Germany's 10-year yield reached a 15-year high of 3.275% last week, while the 30-year yield also hit its highest level in 15 years at 3.787%. France's 10-year yield was 2 basis points higher at 4.10%, but remained below last week's 18-year high of 4.143%.