Oil at $92 and Iran standoff send bond yields soaring

Bond investors are reacting sharply to a surge in oil prices and the breakdown of diplomatic efforts with Iran, with yields climbing as risk sentiment deteriorates. President Trump has rejected Iran's renewed offer to accept a previously proposed memorandum of understanding, instead signaling a desire for a more forceful response. The market turmoil also coincides with scrutiny of a U.S. plan to take a majority stake in Venezuelan oil production, which analysts describe as an insider deal.

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The Iran standoff has escalated despite Tehran's renewed acceptance of the expired June memorandum, which had proposed ending sanctions and