Global bond markets sold off as renewed Middle East fighting pushed oil above $90 a barrel, intensifying inflation concerns and driving benchmark yields higher. The 10-year U.S. Treasury yield rose 2.2 basis points to a near 20-month high of 4.78%, while Japan’s 10-year yield approached 3%, a level unseen for a generation. European long-term yields and futures also reached multiyear extremes. Markets were cautious before U.S. jobs data due Friday, which could influence the timing of a potential U.S. rate-hiking cycle. Markets priced rate increases in New Zealand on Wednesday and Europe next week, with U.S. and Japanese hikes this month carrying better-than-even odds. Geopolitical tensions, higher energy prices, fiscal concerns and expectations for less accommodative policy are increasing pressure on bonds and risk assets, while offering limited support to the dollar.