The Globe and Mail reports in its Friday edition that the rise in oil prices accelerated Thursday, rattling global markets and pushing borrowing costs to new multiyear highs as inflation concerns mount. The Globe's Mark Rendell writes that with fighting in the Middle East intensifying on Thursday, the price of a barrel of West Texas Intermediate crude surged past $100 (U.S.), up more than 40 per cent since early July. The renewed energy shock has rippled through bond markets in recent weeks, with investors betting that central banks around the world will need to increase interest rates to keep inflation in check. Both short-term and long-term bond yields have risen sharply. On Thursday, 10-year U.S. Treasury bond yields hit 4.95 per cent -- the highest level since 2007. The yield on a similar Government of Canada bond hit 3.95 per cent, a level last seen in 2023. The European Central Bank went ahead with a rate hike on Thursday. "There's no two ways about it: Canada cannot escape this global tide that we're seeing in long-term yields," Bank of Montreal chief economist Doug Porter told The Globe. "Any hopes that mortgage rates, borrowing costs are going to come down are quickly going out the window here."