Crude oil prices rose following U.S. attacks in the Middle East, causing Asia-Pacific government bonds to fall amid inflation concerns. On July 13, international prices surged nearly 10%, marking the largest single-day increase since 2020, following President Trump's announcement to reimpose a U.S. blockade. This policy shift caused market sentiment to pivot toward a long-term expectation that operations in the Strait of Hormuz will not return to normal.
