US borrowing costs hit highest level since 2007 as oil prices jump - BBC

Share Save Add as preferred on Google Francisco Velasquez Business reporter, New York Getty Images US government borrowing costs climbed to their highest level since 2007 after a jump in oil prices further fuelled concerns about inflation.

The effective interest rate on US government bonds over 10 years, known as the 10-year Treasury yield, rose as high as 5.04% but has eased back since.

Government bond yields have been rising globally for months, driven by worries that inflation caused by the oil price surge since the start of the US-Israel war with Iran will lead to higher interest rates.

The US has been buying back bonds in a bid to drive the Treasury yield down, with Treasury Secretary Scott Bessent calling the intervention "successful".