European government bonds fell for a third consecutive session, with rising oil prices intensifying concerns over higher inflation and the prospect of borrowing costs staying elevated for an extended period.

Germany's 10-year bond yield rose as much as 5 basis points to 3.27%, its highest level since 2011, while the 30-year yield climbed 4 basis points to 3.78%, also reaching a 15-year peak.

The 2-year yield increased 5 basis points to 2.85%.

A German 30-year bond auction underscored the pressure on long-dated debt, with the issuance yield hitting its highest level in 15 years.

Investors will now turn their attention to Wednesday's auction of German bonds maturing in 2036, looking for signals on the yield levels buyers will demand to hold these securities.

The yield spreads between 2-year and 10-year bonds in the UK and France widened to their highest levels since March.

Market snapshot:

German bond yields rose 4 basis points to 3.26%.

German bond futures fell 46 ticks to 123.75.

Italy's 10-year bond yield gained 6 basis points to 4.08%.

The Italy-Germany yield spread widened 2 basis points to 82 basis points.

France's 10-year bond yield advanced 5 basis points to 4.12%.

The 10-year UK gilt yield edged up 2 basis points to 5.08%.