It is the US Treasury market – a US$30 trillion ocean of government bonds that serves as the world’s financial bedrock. The US Treasury market is under stress and no one will be spared the pain. One month on from the start of the war, oil prices have soared around 60 per cent for Brent crude. Oil prices, however high they spike, have historically come back down once the panic fades. The tremor in the US Treasury market has already begun.

Source: International New York Times April 03, 2026 11:38 UTC