Eurozone and UK bond yields rise, Brent crude oil touches $109

With the rise in oil prices, bond yields in the Eurozone and the UK have climbed, reversing earlier declines; Brent crude oil rose by 5.7% to $109.13 per barrel. Oil prices surged after reports in Iranian national media of an explosion at the world's largest gas field, sparking concerns about the possibility of further escalation in the situation. Middle East conflicts are driving up energy prices and fueling concerns that inflation could make a comeback. Data from the London Stock Exchange Group shows that as a result, the currency market expects the European Central Bank and the Bank of England to raise interest rates in the coming months. According to Tradeweb data, the yield on German 10-year bonds rose by 2.6 basis points to 2.938%, while the UK's 10-year bond yield climbed by 3.9 basis points to 4.740%.