Global government bond yields climbed toward multi-decade highs as oil prices surged beyond $100 a barrel, inflation fears intensified and investors raised bets on near-term interest-rate increases. The U.S. 10-year Treasury yield reached 4.97%, while Brent crude rose to $109.97 a barrel and was set for a 13% weekly gain. Traders priced a 72% chance of a Federal Reserve rate hike next week, up from 49% a week earlier, after U.S. producer prices increased in August. The European Central Bank raised rates and warned inflationary pressures could persist, while the Bank of Japan was widely expected to lift rates to a 31-year high. Higher sovereign yields, which benchmark borrowing costs across financial markets, threaten to raise mortgage, consumer, corporate and government financing costs. Analysts said a sustained break above 5% could make bonds more attractive than stocks, although a softer inflation reading and no Fed hike could temporarily lower yields.