British 10-year government bond yields climbed to their highest level since 2008 on Tuesday, tracking a global rise in borrowing costs as higher oil prices revived concerns about inflation.The gilt market was also catching up with moves across global bond markets after Britain was closed for a public holiday on Monday.According to Reuters, the yield on 10-year gilts rose by around 7 basis points to about 5.23%, its highest level since June 2008. The increase reflected a broader rise in government bond yields as investors reassessed the outlook for inflation and interest rates.Shorter-dated bonds also came under pressure. The yield on two-year gilts climbed to around 4.59%, its highest level since March.The renewed rise in oil prices has added to concerns that inflation could remain elevated, potentially limiting the scope for monetary easing by central banks. Higher energy costs can feed into consumer prices and complicate efforts to bring inflation sustainably back towards target.Markets were increasingly pricing in tighter monetary policy from the Bank of England, with investors expecting around 30 basis points of interest rate increases by the end of the year.The rise in UK gilt yields comes amid a broader global selloff in government bonds, as investors contend with persistent inflation risks, elevated borrowing requirements and uncertainty over the future path of interest rates.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)