The Hormuz blockade has caused a massive oil shock, leaving investors without safe haven options. This has led to concerns of an economic slowdown and raised stock indexes to their lowest levels since August. However, bonds are not providing relief due to worries about resurgent inflation, which may increase interest rates and decrease bond value.
Source: https://www.wsj.com/finance/investing/battered-by-stock-losses-investors-find-little-relief-in-bonds-af3f8a14