U.S. Treasury yields ticked higher Monday as global markets continue to react to deadly air strikes being exchanged between Israel and Iran.
The yield on the benchmark 10-year Treasury was more than 2 basis points higher at 4.45%. The 2-year Treasury yield gained more than 1 basis point to 3.973%.
One basis point equals 0.01%. Bond yields and prices move inversely.
The moves follow Treasury yields climbing sharply on Friday after Israel launched strikes on Iran, targeting locations it said were linked to its nuclear program. Initial market moves saw oil prices spike, the U.S. dollar and gold rally, and stock markets decline.
Tensions showed little sign of abating over the weekend and into Monday, as casualties mounted on both sides and scheduled talks on Iran’s nuclear program were canceled.
Investors later grew optimistic Monday that the conflict wouldn’t intensify after The Wall Street Journal reported that Iran has been signaling through Arab intermediaries that it would be open to resuming negotiations.
Crude oil prices were volatile after Israeli unmanned aerial vehicles struck the South Pars gas field in southern Iran on Saturday. After trading above $77 per barrel overnight, U.S. West Texas Intermediate settled 1.66% lower to $71.77 a barrel. Global benchmark Brent was also down 1.35% to end the day at $73.23 a barrel.
The prior rise in oil rates had stoked fears of a resurgence in U.S. inflation. Investors were already on edge over the prospect of price rises in light of White House tariff policy, though the May consumer price index reading came in cooler than expected.
The Federal Reserve will hold its latest policy meeting this week. The market is expecting a 100% chance of a rate hold, according to the CME FedWatch Tool.
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