European government bonds remained under selling pressure on the 19th as a fourth-session oil rally revived inflation concerns and intensified expectations for tighter European Central Bank policy. Germany’s 10-year bund yield briefly reached 3.275%, a 15-year high, before easing to around 3.258% after the U.S. Treasury said it would double its long-term bond buyback operations to support liquidity. France’s 10-year yield rose above 4.13%, the highest since 2008, while Italy’s topped 4.1%, a level not seen since March. Germany’s 30-year yield reached 3.787%, its highest since 2011, underscoring stronger selling at the long end of the curve. Brent crude climbed above $92 a barrel, while traders priced about 45 basis points of additional ECB tightening by year-end, up from 40 basis points on the 15th. Equity markets edged lower, with the STOXX Europe 600 down 0.11% at 651.1, although resources stocks gained 3.30%. Analysts cited U.S.-Iran tensions over the Strait of Hormuz, sovereign debt sustainability concerns and thin summer liquidity as factors likely to keep bond-market volatility elevated.