Germany’s 10-year Bund yield stabilized around 3.38%, just below the more than 15-year high of 3.3951% reached last week, as surging oil prices heightened inflation concerns ahead of this week’s European Central Bank meeting. Brent crude climbed to a fresh six-week high amid renewed US-Iran fighting and reports that Iran and Oman were nearing an agreement to manage shipping through the Strait of Hormuz, raising concerns over Tehran’s increasing control of the key waterway. Higher energy prices have intensified a global bond selloff, with persistent inflation pressures and resilient economic growth keeping central banks under pressure to maintain a restrictive policy stance. The ECB is widely expected to raise interest rates on Thursday, while markets are almost fully pricing in another hike by year-end. In the US, investors are awaiting key inflation data later this week, after Friday’s strong jobs report lifted the probability of a Fed hike next week to nearly 60%.