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Oil prices rose as the 60-day deadline for the U.S. and Iran to secure a peace deal expired Monday, with Iran ruling out the possibility of an extension, according to state media. A senior Iranian official also told Reuters that Tehran would take an offensive stance if diplomacy with the U.S. fails. "Markets have seen growing weakness over the last 24 hours, with bonds and equities slipping thanks to negative geopolitical headlines from the Middle East," Deutsche Bank's Jim Rid wrote in a note on Tuesday. "There wasn't a single catalyst for the declines, but with few signs of the US and Iran coming to any sort of a deal, that meant investors priced in a more extended closure of the Strait of Hormuz." Resurging fears around inflation are sending government borrowing costs higher across the globe, with many longer-maturity bond yields hitting multi-decade highs .
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