New Delhi, May 19 -- Rising US bond yields are once again emerging as a major concern for global financial markets, with investors increasingly worried that elevated crude oil prices, sticky inflation and geopolitical tensions could force central banks to keep interest rates higher for longer.

The yield on the benchmark US 10-year Treasury has climbed sharply above 4.5%, while the 30-year US bond yield recently crossed 5.1%, its highest level in years. The spike comes amid continued uncertainty surrounding the US-Iran conflict, disruption in the Strait of Hormuz and surging global crude oil prices.

The broader bond market selloff is not limited to the United States. Japan's 30-year government bond yield also surged to its highest level ...