UK borrowing costs fall, losing a bit of their Iran war surge

LONDON, March 16 (Reuters) - British government borrowing costs fell on Monday, reversing a small part of their surge since the start of the U.S.-Israeli war with Iran.

With Brent crude oil prices flat on the day at around $103 a barrel LCoc1, British government bond investors took a breather from the recent selloff.

The yield on the benchmark 10-year gilt GB10YT=RR was down about 10 basis points at 4.723% at 1415 GMT before finishing 5 bps lower on the day at 4.773%.

The 10-year yield leapt by about 60 bps between March 2 and Friday's close, a bigger jump than for many other countries' government bonds, and it remains close to its highest since October last year.

Yields on other maturities of British government debt also fell by around 4-5 basis points on Monday.