As the market awaits Iran's response to the Israeli attack on the embassy in Syria, oil prices may accelerate towards the highs reached when yields surged in October last year, according to a report from Golden Ten. The situation highlights the vulnerability of bond markets to worries about stubborn inflation. The U.S. economy is still too strong and policymakers are unsure whether efforts to fight inflation are succeeding, so U.S. bond yields appear to be leaning upward. However, a surge in U.S. crude oil production has lessened the impact on the country's consumers and their inflation expectations, and U.S. Treasuries have some cushion. In the medium term, rising oil prices and a rebound in the ISM manufacturing index both send a signal: the downward momentum in commodity-led inflation is weakening.