UK 10-year gilt yields fell back to around 5.3% as oil prices declined for a second consecutive session. Brent crude traded near $105 a barrel after Saudi Arabia said it plans to restore roughly half the capacity of its damaged East-West pipeline within days. Investors were also assessing the Federal Reserve’s latest rate increase ahead of the Bank of England’s closely watched policy decision. The BoE is widely expected to keep rates unchanged in a close decision, with markets focused on signals about the future policy path. The Fed raised rates by 25 basis points, or 0.25 percentage point, marking its first increase since July 2023, and signaled another hike later this year amid persistent inflation pressures. Uncertainty over the Middle East outlook is keeping oil prices elevated and complicating central banks’ efforts to contain inflation without placing excessive pressure on economic activity.