According to CoinMeta, on Tuesday, there was a wave of selling in the global government bond market, causing borrowing costs to soar to new highs in decades due to the rapid fading of hopes for peace in the Middle East. U.S. President Donald Trump ruled out extending the ceasefire agreement with Iran on Monday, while Iran issued new threats of military escalation. At the same time, a cargo ship was attacked by artillery fire in the Strait of Hormuz, further exacerbating market concerns about rising prices for energy and other essential commodities. The yield on U.S. 30-year Treasury bonds rose by nearly 2 basis points to 5.3275%, the highest level since 2002. The yields on 10-year Treasury bonds in Germany and France also reached their highest levels since 2015 and 2008, respectively.