Eurozone bond sell-off intensifies, yields rise to multi-year highs

The bond sell-off in the Eurozone has re-emerged, pushing yields to multi-year highs. Rising oil prices and strong economic data have reinforced market expectations for the European Central Bank to further tighten monetary policy. The yield on Germany's 10-year government bonds rose to 3.575%, marking a new high in over 17 years. Brent crude oil prices have returned above $106 per barrel.