US 10-year Treasury yield hits 5% for first time since 2023 as oil surge batters bonds

The 10-year US Treasury yield hit 5% on Monday, its highest since 2023, amid surging oil prices and global bond sell-off.

The move marks a setback for US Treasury Secretary Scott Bessent, who sought to drive yields lower through bond buybacks.

Brent crude crossed $109 a barrel, raising inflation concerns ahead of the Federal Reserve decision.

The 10-year gilt yields also rose to 5.42%, their highest level since 2007.