Global bond yields rose to fresh highs while Asian shares fell as a 6% jump in oil prices heightened inflation concerns and prompted investors to price in additional central-bank tightening. Brent crude futures reached a four-month high of $109.97 a barrel on Friday as flows through the Strait of Hormuz remained restricted amid attacks exchanged by the U.S. and Iran. Iran-aligned Houthis also seized Yemen’s port of Mocha, threatening Saudi oil exports through the Red Sea. RBC Capital Markets analysts said violence in Yemen had reached its most significant level in years and forecast that Brent could reach $121.99 a barrel in the fourth quarter. President Donald Trump’s comments that the war could continue beyond the November midterm elections further unsettled markets. U.S. Treasury yields climbed, with the 10-year rate approaching 5%, the 30-year yield reaching its highest level since 2007 and the two-year yield rising 12 basis points. Market pricing put the probability of a Federal Reserve rate increase this month at 68%. JPMorgan analysts said eight of nine developed-market central banks they cover are expected to raise rates between now and year-end, while Canada is expected to remain the sole exception. The oil surge increased the significance of U.S. August consumer-price data due later Friday, with core CPI forecast to rise 0.2% monthly and risks tilted higher after sticky producer-price data. Higher yields pressured corporate valuations and Asian stocks, while the dollar strengthened and gold held at $4,317 an ounce after falling nearly 2% overnight.