Global Market: Euro zone bond yields hit near one-month high as oil surge fuels ECB rate hike bets

Euro zone bond yields climbed to near one-month highs after a sharp rally in crude oil prices reignited inflation concerns and lifted bets on further ECB rate hikes. Germany's benchmark 10-year yield rose 5 basis points to 3.034%, while the policy-sensitive 2-year yield hit 2.637%, its highest since June 22. The oil surge was driven by escalating US-Iran military tensions, with Brent crude jumping about 3 percent to $76.50 a barrel after the US revoked Iran's oil export licence.