The move in 30-year Treasury yields to levels last seen in 2023 coincides with renewed focus on potential disruptions through the Strait of Hormuz, where Iranian naval activity has already prompted elevated tanker insurance premiums according to Lloyd’s List data. Primary shipping records from the Joint Maritime Information Center show a measurable rerouting of VLCCs away from the strait since early May, echoing patterns observed after the 2019 tanker incidents documented in Pentagon situation reports. One perspective frames the sell-off as a direct pass-through from Brent crude above $95, consistent with the energy component weighting in the Bureau of Labor Statistics CPI release protocol. A second view, drawn from Federal Open Market Committee minutes released in April, emphasizes that core services inflation remains anchored only if wage growth moderates, suggesting the bond market may be conflating transitory oil effects with structural price pressures. A third reading highlights cross-Atlantic divergence: ECB Governing Council statements indicate tolerance for higher energy prices within their medium-term target, while Treasury term-premium models from the New York Fed show elevated uncertainty premia not fully captured in the original Bloomberg dispatch. What the initial coverage understated is the cumulative effect of repeated Hormuz alerts since 2022, visible in EIA weekly inventory draws that have outpaced seasonal norms for three consecutive reporting periods.