Global markets fall as surging oil prices and inflation fears push bond yields higher

Global markets sold off on Friday as surging oil prices revived inflation fears, pushing government bond yields higher, weighing on stocks and hurting assets such as gold and emerging-market currencies. In the U.S., the Treasury two-year yield climbed to a 14-month high, while investors around the world rushed to reassess how long central banks may need to keep interest rates elevated, according to Bloomberg Markets.