British government bond yields climbed to fresh 18-year highs on Wednesday as a global selloff in sovereign debt intensified amid growing concerns over inflation and rising oil prices linked to the escalating Iran war.
The yield on the benchmark 10-year gilt rose to its highest level since June 2008 and was up 4 basis points at 5.268% shortly after 0700 GMT. The move came as investors reassessed the outlook for inflation and interest rates across major economies.
