[Trump’s rejection of Iran’s proposal caused oil prices to rise, and the bond market sell-off returned] September 28 (Xinhua) U.S. President Trump’s rejection of Iran’s latest proposal to reopen the Strait of Hormuz caused oil prices to rise, exacerbating market concerns about inflation, and the U.S. Treasury bond sell-off returned with a vengeance on Monday. Short-term U.S. Treasuries, which are sensitive to interest rates, and their global peers fell sharply. The two-year U.S. Treasury yield rose 5 basis points to 4.91%, while the German and British yields of the same maturity rose 5 basis points to 3.33% and 4.89% respectively. Global bond markets are experiencing a sell-off as rising energy prices threaten to push up inflation. In the United States, a surge in business activity, concerns about government debt levels and the prospect of higher interest rates have further exacerbated the trend. Last week, the 10-year U.S. Treasury yield briefly rose to its highest level since 2007.