British long-term borrowing costs hit fresh multi-decade highs ​this week as part of ‌a global bond selloff driven by a sharp rise in oil prices triggered ​by attacks on shipping ​in the Gulf and concerns that ⁠a hurricane will disrupt ​US oil production.

Ten-year gilt yields – around ​the maturity that accounts for much of Britain’s new borrowing – increased to their ​highest since July 2007 ​at 5.527 per cent, up more than 7 basis points on ‌the ⁠day and pushing past a previous high of 5.51 per cent set last week.

Twenty-year and 30-year gilt yields ​rose to ​their ⁠highest since early 1998 at 6.00 per cent and 6.05 per cent ​respectively, also up around ​7 ⁠bps in line with US Treasuries .

Brent crude oil prices jumped 5 per cent ⁠on ​Thursday to $105 a ​barrel, their highest since September 29.