Energy Jolt: Attacks on Gas and Oil are Spiking Bond Yields

Friday 20th March 2026

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Retaliatory attacks on Qatari gas facilities have sent energy prices soaring, with Brent crude momentarily almost return to $120 a barrel and European benchmark gas prices jumping as much as 30%. In this environment of heightened inflation risk, Phil talks with NAB’s Ray Attrill to examine the sharp rise in global bond yields, specifically a 40-basis-point spike in UK 2-year gilts following the Bank of England’s surprisingly hawkish stance. Ray also provides a deep dive into the latest Australian labour force survey, where a jump in the unemployment rate to 4.3% was offset by a surge in participation. Highlighting the resilience of the market, Ray notes, "Although the unemployment rate rose... employment growth was strong", keeping the labour market tighter than the RBA’s target for full employment and likely deterring any shift away from its restrictive policy.

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