Global Market: UK gilt yields hit one-week low as oil prices retreat, easing rate concerns

UK gilt yields dropped to one-week lows as oil prices retreated following a pause in U.S. military action against Iran, easing geopolitical concerns. The two-year gilt yield fell 6 basis points to 4.362%, while the benchmark 10-year yield slipped below 5 percent to 4.986%. Traders priced in about a 50 percent probability of a Bank of England rate hike by September, though most economists expected the benchmark rate to stay unchanged at 3.75 percent.