Eurozone Bond Yields Rise as Oil Prices Rebound Above $100

The global market saw eurozone bond yields rise on Tuesday as oil prices rebounded above $100 per barrel. This move is partly attributed to renewed Middle East tensions, which have heightened concerns over inflation. Brent crude futures were last up nearly 2% at around $102 a barrel.

Oil prices had fallen below $100 earlier in the week, but the recent recovery has eased some supply concerns. The global benchmark had dropped to about $99 on Monday, its lowest level in almost two weeks. Reports of partial recovery in Saudi oil shipments also contributed to the rebound.

As a result of the increased oil prices, eurozone economies, which rely heavily on imported fuel, have seen their bond yields rise. Germany's benchmark 10-year bond yield rose 3 basis points to 3.481%, while Italian and French 10-year government bond yields climbed 4 basis points each.