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Brent crude jumps as Iran-US ceasefire collapses, UK 10-year yields rise
Brent climbed more than 9.0% in one session, and UK 10-year yields rose as much as 7 basis points as the oil shock rippled into bond markets.
Oil prices surged after a fragile ceasefire between Iran and the United States shattered, sending Brent crude up more than 9.0% in a single session on Monday, its biggest daily gain since May 2020, according to OilPrice.
The escalation followed another US offensive on Iranian military sites, along with reports that the US reinstated its blockade of Iranian ships in the Strait of Hormuz, while the UAE reported two tankers being struck by Iranian missiles.
OilPrice reports that UK borrowing costs also moved higher, with the yield on the country’s 10-year government bond climbing by as much as 7 basis points Tuesday morning, pushing yields above 5.0% for only the third time since the start of the Iran war.
The outlet also notes that government bond yields surged across developed economies, including the 10-year US Treasury yield, which climbed more than five basis points over Monday as traders repriced the risk of a return to all-out conflict.
Latest closeWTI crude $78.04 ▲9.3%|Brent $83.15 ▲9.4%