New Delhi, Aug. 31 -- Stock market investors globally are worried about two major factors- rising US bond yields and elevated crude oil prices. Recently, yields on long-dated debt, such as 30-year bonds, jumped to their highest since June 2007. Benchmark 10-year bond yields are at 4.72%.

Oil prices, on the other hand, are back above $90 per barrel after fresh strikes between the US and Iran. Brent crude futures rose almost 3% to levels near $91 per barrel after Iran launched strikes on US forces early on Monday after the latter struck Iranian rocket launchers on the Strait of Hormuz.

While both rising US bond yields and higher oil prices are negative for market sentiment, it is difficult to say in black and white which poses the greater...