UK 10-year gilt yields climbed above 4.8%, reaching their highest level since June 19, as crude oil prices rose following attacks on vessels in the Strait of Hormuz. The renewed tensions in the waterway pushed crude back above $72 per barrel, its highest since early July, adding to inflationary pressures. Traders are also increasing bets on Bank of England rate hikes, with a 76% chance of a rise by year-end and over 50% odds for November. Bank of England Governor Andrew Bailey recently reaffirmed that inflation is still projected to hit 2%, albeit later than previously expected, and dismissed the possibility of imminent rate cuts. In political developments, Andy Burnham, the leading candidate to replace Keir Starmer as prime minister, has yet to appoint a finance minister, with former energy minister Ed Miliband emerging as the likely pick.

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