Brent crude surged above $91 a barrel in early Asian trading as the US and Iran exchanged strikes for the first time in about a month, escalating geopolitical tensions in the Middle East. Rising oil prices fueled inflation concerns, and Federal Reserve Chairman Warsh reiterated his anti-inflation stance, putting pressure on Asian government bond markets. Japan's 10-year government bond yield rose to 2.965% (nearing a three-decade high), while the US 10-year government bond yield climbed to 4.77% (the highest since January 2025).