LONDON, May 20 (Reuters) - A selloff in euro zone bonds paused on Wednesday, although yields remained close to multi-year highs reached the day before on expectations that global central banks will need to raise rates to tame inflation caused by higher energy prices.

Bonds were supported on Wednesday after two oil tankers exited the Strait of Hormuz, brightening hopes that the war in Iran may soon be resolved as U.S. President Donald Trump and Vice President JD Vance talked up the prospects of a peace deal.

Cooler-than-forecast UK inflation could also be helping the mood, although the outlook still looks tough as the Iran war pushes up energy prices.

"Without impulses from the data calendar and given encouraging signals from long-end JGBs (Japanese government bonds) overnight, we see scope for markets to stabilise today," said Hauke Siemßen, rates strategist at Commerzbank.

Germany's 10-year yield DE10YT=RR, the benchmark for the euro zone, was last down 1.5 basis points at 3.171%. It rose to 3.2% on Tuesday, its highest level in 15 years.

The two-year yield DE2YT=RR, which is sensitive to changes in interest rate expectations, was down 2.5 bps at 2.721%, about 5 bps below its late March high.

Japanese bond yields were also a touch lower on Wednesday after rising to a 29-year peak on Tuesday, while the U.S. 10-year yield US10YT=RR was at 4.65%, after hitting a 16-month high the day before.