WASHINGTON (dpa-AFX) - Following the strong upward move seen in the previous session, treasuries saw further upside during trading on Tuesday.
Bond prices advanced early in the session and remained in positive territory throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.8 basis points to 4.202 percent.
The ten-year yield added to the 6.5 basis point slump seen in the previous session, pulling back further off its highest levels in almost two months.
Traders continued to pick up bonds at somewhat reduced levels even as the price of crude oil recovered from yesterday's pullback.
Crude oil for April delivery has pulled back well off its highs but remains up by more than 2.5 percent after plunging by more than 5 percent during Monday's trading.
The rebound by the price of crude oil comes after Iran launched a series of attacks on the United Arab Emirates, targeting Dubai's international airport and the Fujairah oil port, marking a sharp escalation in the ongoing conflict.
The Israeli military also said it had begun a 'wide-scale wave of strikes' across Iran's capital and was also stepping up strikes on Iran-backed Hezbollah targets in Lebanon.
Meanwhile, several U.S. allies, including Germany, Spain, Italy, Australia and Japan have declined President Donald Trump's request to secure the Strait of Hormuz, a vital artery for a fifth of global energy shipments.
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