Bond yields continued to move sharply higher today, driven in large part by the aggressive repricing in the oil strip as markets (finally) price in a lengthy disruption to Hormuz traffic which has pushed year-end prices higher by about $12 in the past month.The result has been a spike across virtually all tenors:*US 2-YEAR YIELD RISES TO 4.11%, HIGHEST SINCE FEBRUARY 2025*TREASURY 5- AND 7-YEAR YIELDS RISE 10 BASIS POINTS ON DAY*US 30-YEAR YIELD RISES TO 5.195%, HIGHEST SINCE JULY 2007... as can be seen below, with the 30Y yield rising above 5.19% and the highest since 2007According to Bloomberg, the latest spike higher in 10Y yields which is reverberating across the curve...... is due to a block of 23,000 contracts in 10-year bond June futures traded at a price of 108-25+ on CBOT.A total of 1.34 million contracts traded so far in this session. Two minutes later 20,000 was also blocked at 108-24+ with price action around the two trades consistent with sellers. The combined amount of risk weighting over the two trades equates to $2.8m/DV01.On May 13, there were identical size block buyers at levels of 110-00 (20,000) and 109-30 (23,000).The two sales Tuesday point to the unwind/loss liquidation of these long positions established May 13.As Nomura's Charlie McElligott notes, the resumption of investor focus on reaccelerating inflation (both due to 1--the obvious lack of progress with Iran and the Energy / Petrochem “supply shock” as emergency inventories are depleting rapidly, plus 2—signals of an “overheating” US economic risk ironically from the “demand” / FCI -side) have repriced the global central bank policy path “hawkish-ly” while FOMC outlook at the very least is “less dovish-ly” with high pricing of “No Fed Cuts” -scenario through YE and real Delta of the dreaded “Fed Hikes” -potential by YE too.Bloomberg technical analysts note that the 30-year Treasury yield is right at a key technical level, a break of which targets 5.44% unless liability-driven investors step in to arrest the selloff. The 10-year yield may make a new range if the 4.66% level holds. But more importantly, the 30Y is about to rise above 5.20%, some 20bps higher than what Michael Hartnett warned in his last two Flow Shows is the "door of doom" red line for the bond market.And stocks are starting to notice.