Bond selloff deepens as oil prices and public debt fears jolt markets

Global bond yields have jumped to multi-decade highs (Japan’s 10‑year above 3% for the first time in 30 years; UK and German yields at long‑run peaks), lifting borrowing costs.
The spike is being driven by the Middle East conflict and rising energy prices — and amplified by big tech companies selling bonds to fund AI projects, pushing up demand for higher yields.
That means more expensive mortgages and tougher government finances, with markets braced for ECB/Fed tightening and watching upcoming budgets and US jobs data.