German Finance Minister Lars Klingbeil said global bond yields have risen because of uncertainty triggered by United States President Donald Trump's war in Iran. Germany's 30-year government bond yield reached 3.79%, its highest level since 2011, while the US 30-year Treasury yield climbed above 5.33% in mid-August. Oil prices rose above $91 a barrel, intensifying inflation expectations and contributing to the bond selloff. Germany also cut tax revenue projections for 2026 through 2030 by approximately €70 billion, or about $82 billion, citing an energy price shock linked to the Iran conflict. The market pressure has raised borrowing costs for governments, households and companies, while complicating central-bank policy because higher interest rates may weaken demand without resolving a supply-side energy shock. Klingbeil's comments also underscored growing diplomatic friction between Germany and Washington. The remarks came as Washington was set to warn countries to cut ties with Iran or risk having their businesses cut off from the dollar-based financial system, a source told Reuters. The United States and Iran have not carried out air strikes against each other's militaries for weeks, but their last official face-to-face talks on ending the six-month-old conflict took place in June, while strikes on vessels in the Strait of Hormuz continued.