A global bond selloff pushed the U.S. 10-year Treasury yield to 4.97%, its highest level since late 2023 and close to the closely watched 5% threshold. Investors are reacting to oil prices above $100 a barrel, persistent inflation concerns, expectations for a near-term Federal Reserve rate hike and growing government borrowing across developed markets. Brent crude reached $109.97 a barrel, while traders priced a 72% chance of a Fed hike next week, up from 49% a week earlier. Higher sovereign yields raise borrowing costs for households, companies and governments, while a sustained move above 5% could make bonds more attractive relative to stocks. The European Central Bank raised rates Thursday, and the Bank of Japan is widely expected to raise rates next week.