Buybacks and battles - big moves in oil and bond yields

Thursday 10th September 2026

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Oil prices rose further overnight as Iran fired at US navy vessels, forcing counter attacks from both sides. One Iranian official described it as an existential fight for survival for which there is no backing down. Bond yields rose sharply in the US and Europe overnight, despite Scott Bessen t’s announcement of a $6 billion buyback in 10–20-year bonds. NAB’s Sally Auld says yields rose because the size of the buyback was less than expected, whilst the same factors remain to push yields higher, including the level of debt and the competition from bond issuance from AI companies who continue to up their spending. Tonight the ECB is expected to lift rates, as markets prepare for US CPI tomorrow, with PPI data out tonight.

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