Borrowing costs around the world jumped to their highest levels since the 2008 crisis, and that is bad news for governments, borrowers, and anyone hoping for cheaper oil.

• Government bond yields spiked in the US, Japan, the UK, and Germany at the same time, a sign investors are scared of inflation.
• Attacks on two tankers near the Strait of Hormuz have put oil above $90, and a run to $100 looks possible.
• Real oil flows through the strait may be only half what Washington claims, with stored oil quietly covering the gap.
• Japan's borrowing costs hit a 30-year high, and Bessent has hinted Tokyo may step in to prop up the yen.
• China looks like the winner, courting trade partners while the US pressures countries to pick a side.

Outlook: Once stored oil runs down, prices are likely to spike and push borrowing costs and inflation higher again.