Due to the prospects of the end of the Middle East war impacting, the yield on UK government bonds slightly decreased.

Sina Finance reported on March 31st that President Trump told his aides that he is willing to end the war with Iran, even if the Strait of Hormuz remains largely closed. After the report was released, market optimism was reignited, causing UK bond yields to decrease. This news led to a drop in oil prices, easing concerns about high energy prices pushing up inflation. However, there is still uncertainty in the Middle East situation, with Brent crude oil rising 0.4% to $113.28 per barrel. Tradeweb data shows that the yield on 10-year UK government bonds fell by 2 basis points to 4.916%.