Bonds across the globe sank on Monday as a rapidly worsening U.S.-Israeli war with Iran pushed oil prices well above $115 per barrel, spurring investor fears over inflation risks and what it could mean for the interest rate outlook. Oil prices soared more than 20% to their highest since July 2022 as the week-long war led some major oil producers in the region to cut supplies and concerns of prolonged disruption to shipping through the Strait of Hormuz rattled investors.