British government bond yields fell to ​a one-week low on ​Monday as oil prices dropped sharply from ​the highs of more than $100 a barrel they reached last week, before the United States paused its attacks on Iran.Two-year ‌gilt yields - ⁠which ⁠are sensitive to the near-term outlook for interest rates - sank 6 bps to 4.362%, a slightly bigger fall than for German or U.S. bonds, and at 0725 GMT had been as low as 4.348%, a level last seen on July 20.Ten-year gilt yields ⁠dropped below ‌5%, falling 5 bps to 4.986%, while 30-year gilt yields were 3 bps lower at ⁠5.69%, both also the lowest since July 20 and moving broadly in line with U.S. and German debt.UK bond yields fall to one-week low as oil prices retreatOn Monday, British government bond yields dipped to their lowest point in a week, prompted by a significant drop in oil prices from recent highs. Two-year gilt yields plummeted by six basis points, performing poorer than both German and US bonds. Additionally, ten-year gilt yields fell below five percent, marking their lowest level since July 20."Markets are broadly moving in a risk-on fashion as we would expect," strategists at RBC Capital Markets said in a note to clients on Monday.Even when oil prices were at $100 ‌a barrel, no economist polled by Reuters expected the Bank of England to raise interest rates from their current ⁠3.75% this Thursday and most continued to see a 7-2 vote split on the Monetary Policy Committee.On Monday, financial ​markets - which have been more aggressive in their rate hike bets - pencilled in a 50% chance of a BoE rate rise by September's meeting and saw a second rate rise by March 2027.