UK government bonds are sliding sharply, with yields surging past levels last seen during the fallout that toppled former Prime Minister Liz Truss. A new shock is taking shape, and it is not confined to energy markets. It is moving rapidly into the core of the UK economy. Rising oil and gas prices, driven by escalating tensions in the Middle East, are already feeding through into inflation expectations. Markets are reacting with speed and force. 10-year gilt yields have pushed above 5% for the first time since the global financial crisis.  [...]