European government bonds have moved higher after falling sharply due to a Middle East ceasefire, causing uncertainty over interest rate policies at the Bank of England and European Central Bank. The 10-year Gilts, the benchmark for U.K. government debt, rose more than 6 basis points to 4.775% after falling nearly 17 basis points on Wednesday. The 2-year Gilt yield also rose 7 basis points, after falling 21 basis points a day earlier. German bunds followed a similar trend, with the 10-yr Bund yield rising almost 5 basis points and 2-yr German Bund yields rebounding 6 bases points to 2.5549%. The volatility has become "the new norm" for bond traders, as traders try to distinguish signal from noise. Global oil prices have surged, but remain off their recent highs.