Global Bond Markets Shaken Again by Oil Price Risk

Published Thursday, April 30, 2026 · Rates, market figures and outlooks in this article reflect its publication date and may differ today. Ask us for the latest picture. Translated from the Korean original.

As U.S.–Iran geopolitical risk escalates again, global bond markets are weakening. In particular, concerns about a resurgence of inflation are unsettling the interest rate outlook.

Key Points

1. Government bond yields up across the board globally, bond prices down

2. Sharp rise in yields, led by short-term bonds in the U.S., U.K. and Europe

3. Rising oil prices → concerns about re-accelerating inflation

4. Weakening expectations of central bank rate cuts

5. Investors raising cash holdings as interest rate volatility grows

What It Means

The market has now entered a phase where it is not simply an economic issue, but geopolitical risk shaking the structure of interest rates. As rising oil prices stoke inflation again, central banks are increasingly likely to slow or reconsider the pace of rate cuts. As a result, in the mortgage market, fixed rates and bond yields are becoming more volatile again, and this is an environment where a strategy centred on risk management matters more than short-term forecasting.