Indian government bonds sank early on Wednesday, with the benchmark 10-year yield briefly topping 7% for the first time in three months as a deepening global debt selloff and a fresh spike in oil prices rattled investors. The yield on the benchmark 6.94% 2036 bond was up 3 basis points at 6.9898% as of 10:45 a.m. IST, after breaching 7% at the open. It was near a three-month high. The selloff followed a global reassessment of inflation, fiscal burdens and geopolitical risks as U.S.-Iran hostilities escalated and the vital Strait of Hormuz remained shut.