Euro zone bonds head for second straight weekly selloff as inflation fears deepen

LONDON, March 13 (Reuters) - Euro zone government bonds were on track for their second consecutive weekly selloff on Friday, as lingering concerns over the inflationary impact of the Middle East war pushed yields higher.

Oil prices gained, with Brent crude futures LCOc1 headed for a weekly jump of nearly 10% despite efforts to ease the energy supply shock.

The U.S. issued a 30-day waiver for ​countries to buy sanctioned Russian oil and petroleum products currently stranded at sea, days after the International Energy Agency agreed to release a record 400 million barrels of oil from its stockpile.

However, investors have largely shrugged off these measures, betting that they would not be enough to cushion the blow from disruption in the Strait of Hormuz.

Germany's 10-year government bond yield DE10YT=RR rose 3.4 basis points to 2.9776%, as prices fell. The yield on the interest-rate-sensitive 2-year bond DE2YT=RR rose 1.7 bps to 2.4215%.

Italy's 10-year government bond yield IT10YT=RR rose 8 bps to 3.8134%.