Oil jumped above $105 a barrel on Thursday, reigniting a global sell-off in government bonds and pushing borrowing costs to multi-decade highs.
The price of Brent crude, the international oil benchmark, rose more than 4 per cent to as high as $105.82 a barrel. The US benchmark, West Texas Intermediate, jumped 4.4 per cent to climb to about $100 a barrel for the first time since May.