Soaring oil prices of above $108 a barrel after Houthi attacks on Saudi infrastructure stoke inflation fears US government borrowing costs have risen to 5% for the first time since 2023 as soaring oil prices fuelled by the war in the Middle East trigger an intensifying sell-off in the global bond market. The yield – in effect the interest rate – on 10-year US Treasury bonds hit the psychologically important threshold on Monday, on a day of renewed selling pressure on Wall Street as the global oil price reached $108 a barrel.
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