Brent Oil Surges 3.3% to $109.26 as Yields Hit Multi-Year Highs

Global equities tumbled from records on May 15 after Brent crude jumped 3.3% to $109.26 on U.S. warnings over Iran and risks to Strait of Hormuz flows. The oil spike, combined with April’s strongest U.S. CPI gain in three years and fastest PPI rise in four, drove Treasury yields to May 2025 peaks: the 10-year reached 4.595% and the 30-year 5.127%. Equities sold off sharply, with the Dow down 1.1%, S&P 500 off 1.2% and Nasdaq lower by 1.5%, while UK 30-year gilts hit 5.82% and Japan’s 30-year yield topped 4% for the first time since 1999.