With tanker movement through the Persian Gulf still restricted, storage facilities and offshore vessels are rapidly filling, increasing the likelihood that Tehran may need to cut production further if exports remain frozen.

Bond markets reacted quickly to the supply strain. Japan’s 10-year yield climbed close to 2.59%, reaching its highest level since 1997, as traders leaned further into expectations of a Bank of Japan rate increase driven by oil-related inflation pressure. In the United States, the 10-year Treasury yield moved toward 4.46% after stronger inflation figures weakened the case for near-term Fed easing.

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