Renewed conflict between the US and Iran has driven Brent crude oil up by 4.5% in two days, with a year-to-date increase of 51%. Impacted by this, the 10-year government bond yields for Germany, the UK, and Japan reached their highest levels since 2011, 2008, and 1996, respectively, this Tuesday. The US 10-year government bond yield also climbed to levels rarely seen since the financial crisis. US Treasury Secretary Scott Bessent stated at the G20 summit that high yields are a sign of economic strength, adding that a fiscal consolidation plan might take weeks or even months to materialize.