The UK bond market reflects growing concerns over economic growth recession.

Recently, there has been a significant divergence in the trends of British government bond yields and Brent oil prices. As of the local time on the 31st, British government bond yields of various maturities did not rise along with the increase in oil prices and potential inflationary pressures, but instead fell. The yields for the 2-year and 10-year British government bonds were 4.46% and 4.88% respectively, both lower than previous highs and the previous trading day. As for oil prices, on March 31st, the price of Brent crude oil futures was around $107 per barrel, a slight increase from the previous trading day. Media reports stated that Iran attacked a Kuwaiti oil tanker near the port of Dubai, highlighting increased risks in Gulf shipping. Additionally, Houthi rebels in Yemen launched attacks against Israel over the weekend, further escalating conflicts. The previously relatively stable shipping in the Red Sea may also be disrupted. Industry insiders indicate that the intensifying situation in the Middle East has heightened tensions in energy supply, leading to higher oil prices. In March, the monthly increase in the benchmark Brent international crude oil price is expected to reach a historical high of over 60%.