Government bond markets around the world are facing heavy selling after oil prices soared above $100 a barrel on Middle East tensions, fueling concerns that inflation could reaccelerate and force many central banks to keep tightening monetary policy. The yield on the UK 10-year gilt closed above 5% for the longest stretch in nearly 20 years. Germany's 10-year bund yield hit its highest since 2011, and Japanese government bonds approached their highest level in more than 30 years. Meanwhile, the average yield on the Bloomberg Global Treasury Index, which tracks investment-grade sovereign bonds, rose to 3.68%, the highest since the 2008 global financial crisis. Investors are watching policy meetings of the Federal Reserve, the Bank of Japan, and the Bank of England next week. Markets are currently pricing in roughly a one-in-three chance that the Fed could raise rates at its July 28-29 meeting.