Oil retreats from four-month high as global bond selloff pauses
Global bond and equity markets steadied on Friday as Brent crude pulled back from a four-month high of US$109.97 a barrel, though it was still up about 10% for the week. The oil surge, driven by fighting around the Strait of Hormuz and Yemen's Mocha port, has fuelled inflation fears and bets that the US Federal Reserve will raise rates this month, with markets pricing a 67% chance.