The UK 10-year gilt yield climbed to 5.45%, approaching a recent 19-year high, as rising oil prices and renewed inflation concerns weighed on sentiment, while investors increasingly focused on Chancellor John Healey’s upcoming Budget. Brent crude rose to $107 a barrel following a deadly attack on Riyadh’s airport in Saudi Arabia, while Ukraine reported continued Russian strikes on its energy infrastructure. Meanwhile, the Institute for Fiscal Studies has warned that Healey must find GBP 35 billion to meet the government’s spending ambitions, fueling speculation over potential tax rises. Investors are now awaiting Wednesday’s US inflation data and this week’s IMF-World Bank meetings, where Bank of England officials are expected to offer further insight into the inflation outlook and interest-rate trajectory. Markets are pricing in four BoE rate hikes over the next 12 months, but this may prove excessive, as several policymakers already consider the current 3.75% rate to be above neutral.