Oil surges past $102, sparking global bond sell-off

Oil prices jumped above $102 a barrel in the U.S. on Thursday, while global benchmark Brent crude reached $107. The surge in oil prices fueled a worldwide sell-off in government bonds, as investors grew worried about rising inflation. Higher oil prices push up costs for fuel, transport, and goods, which can drive inflation. That pressure often leads investors to sell bonds, pushing yields higher.