Finance

Executive summary

Global bond markets sold off on May 20, 2026 as oil prices above $110 and renewed Iran‑related supply fears pushed inflation expectations higher, driving long‑dated yields to multi‑year highs (the US 30‑year briefly touched levels not seen since 2007) and rattling risk assets. Markets priced a higher chance of further central‑bank tightening, lifting the dollar and pressuring equities and commodities sensitive to yields.