Benchmark global and U.S. oil prices hit their highest levels in almost two years as U.S. Treasuries fell for the fifth day in a row.

Sharp increases there are raising worries that a long-term spike could exhaust households’ ability to spend, grind down the global economy and push interest rates higher.

SINGAPORE: A slight pullback in oil prices on Friday offered some reprieve to battered global stocks, though share markets in Asia remained on track for their sharpest weekly…