UK borrowing costs have climbed to their highest level in nearly two decades as escalating Middle East tensions drive up Brent crude prices and spark a global sovereign debt sell-off.

Global financial markets face severe pressure as conflict involving Iran pushes crude oil past $100 a barrel, triggering a steep bond market selloff and rising yields.

Rare earth and critical mineral stocks surged as investors rotated into hard assets amid spiking U.S. Treasury yields and rising inflation concerns.

Indian equity markets extended their losing streak as the Sensex dropped 319.79 points and the Nifty fell below 24,100 amid rising global bond yields and spiking crude prices.

Long-term government borrowing costs across major advanced economies surged to levels unseen since the 2008 financial crisis, driven by geopolitical tensions and inflation fears.