Global bond prices advanced following reports that the United States believes a deal with Iran to end the war is near. The yield on UK two-year government bonds dropped by as much as 15 basis points to 4.37%, marking its lowest level in over a week. UK government bonds strengthened across the board, with the 10-year bond yield falling 12 basis points to 4.94%. Traders are now pricing in two additional interest rate hikes from the Bank of England this year, with a total increase of 53 basis points expected by December. This represents a reduction of 19 basis points compared to expectations at Tuesday's market close. US Treasury bonds also saw significant gains, with yields falling between 8 and 9 basis points across all maturities.