Global bond yields surged to multi-year highs while share markets tumbled on Friday as a sharp rise in oil prices intensified inflation concerns and prompted investors to increase bets on further interest rate hikes by central banks, Reuters reported.
Brent crude rose to a four-month high of $109.97 a barrel, following a 6% jump overnight and putting it on course for a weekly gain of nearly 13%. Oil flows remained constrained through the Strait of Hormuz amid attacks between the United States and Iran, while Iran-aligned Houthis took control of Yemen's port of Mocha, raising concerns over Saudi oil exports through the Red Sea.
