A global sell-off of government bonds gripped markets Tuesday morning, sending borrowing costs to multi-decade highs. U.S. 30-year Treasury yields hit 5.3275%, the highest level since 2002, while Brent crude oil hovered above $90 a barrel. The effective closure of the Strait of Hormuz for nearly six months, stemming from the U.S.-Iran stalemate, has reignited inflation concerns and put downward pressure on longer-dated sovereign bonds. Benchmark yields also reached record highs in Germany, France and Japan, highlighting the worldwide contagion of this geopolitical crisis.
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