A line chart shows U.K. 10-year gilt yields from January 2020 to June 2026. The yields start near 0.8%, drop to about 0.2% in early 2020, and then generally climb before rising sharply in February 2022 around the shock of the Ukraine conflict, which is marked by a vertical dashed line. The yields reach approximately 4.5% by late 2022, then fluctuate between about 3% and 5% from early 2023 through late 2025, before spiking again in February 2026 around the shock of the Middle East conflict, which is marked by another vertical dashed line.