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UK borrowing costs rise as Trump threatens further strikes on Iran

ReutersApr 2, 2026 7:27 AM

LONDON, April 2 (Reuters) - British government bond yields climbed on Thursday as oil prices rose back above $100 after U.S. President Donald Trump signalled more aggressive strikes on Iran, spooking investors who had hoped for a de-escalation in the war.

Short, medium and long-dated gilt yields jumped by between 5 and 9 basis points across the maturity range in early trade.

Interest rate futures returned to fully price in two quarter-point interest rate hikes by the Bank of England this year, up from one or possibly two in the previous session.

BoE Governor Andrew Bailey told Reuters on Wednesday that markets were " getting ahead of themselves " by pricing in interest rate rises to contain an expected inflation shock from the Middle East conflict.

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