US borrowing costs hit 5% for first time since 2023 amid bond sell-off

Soaring oil prices of above $108 a barrel after Houthi attacks on Saudi infrastructure stoke inflation fears US government borrowing costs have risen to 5% for the first time since 2023 as soaring oil prices fuelled by the war in the Middle East trigger an intensifying sell-off in the global bond market.

The yield – in effect the interest rate – on 10-year US Treasury bonds hit the psychologically important…