UK 30-year gilt yield hits 28-year high at 5.89% amid global bond rout

The yield on UK 30-year gilts rose to 5.89%, the highest since 1998, as a global bond sell-off accelerated. Traders cite rising oil prices and inflation concerns as drivers, but the move is part of a broader international trend. This signals increased fiscal pressure on the UK government and potential spillover to other long-duration markets.