UK 30-year gilt yields hit 5.798% on Tuesday, a 28-year high and the highest level since 1998, as global bond markets sold off sharply in response to a resumption of US-Iran military exchanges after roughly a month of relative calm. Ten-year gilt yields also rose to around 5.12%. Brent crude climbed to approximately $91 a barrel, its highest level in months, after US forces struck Iranian military assets on Larak Island at the mouth of the Strait of Hormuz, and Iran responded with missile and drone attacks on US facilities in Jordan and elsewhere.
