UK 10-year gilt yields climbed back to 4.94%, close to their highest level since May 21, as renewed Middle East hostilities stoked fears of a prolonged Iran conflict and pushed oil prices higher, adding to inflation concerns. Brent crude surged over 4% after Iran and Israel exchanged missile strikes, despite calls from President Trump for both sides to cease hostilities and pursue peace talks. Market expectations shifted, with traders now fully pricing in two Bank of England rate hikes this year. However, dovish Monetary Policy Committee member Alan Taylor, who backed the 8-1 decision to hold rates in April, stated that current interest rates are “quite restrictive” and saw no need for further increases to address inflationary pressures. On the economic data front, permanent staff placements fell at the sharpest rate in 10 months in May, with firms citing low confidence and rising costs, according to REC/KPMG data.

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