Global bond yields are jumping on the back of higher oil prices this morning after President Trump said he thinks the ceasefire with Iran is "over."

-- European bonds saw some of the biggest moves, with benchmark 10-year bond yields in the U.K., France and Italy rising more than 10 basis points.

-- U.S. Treasury yields also rose, though more modestly: both the 10-year yield and the 2-year yield (which more closely reflects short-term interest rate expectations) advanced about 3 basis points.

Treasury yields have moved closely with oil prices since the war started, as traders fear higher energy costs could add to inflationary pressures.

U.S. interest-rate expectations nudged slightly higher after Trump's comments, with traders seeing a nearly 36% chance that the Fed lifts rates this month, versus a 27% chance yesterday.