WASHINGTON (dpa-AFX) - Treasuries regained ground after an early slump on Thursday but moved back to the downside over the course of the session.
Bond prices briefly peeked above the unchanged before sliding back into negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.2 basis points to 4.281 percent.
The ten-yield initially extended the surge late in the previous session, reaching a seven-month intraday high of 4.326 percent in early trading.
The early weakness among treasuries came amid concerns about the escalation of the war in the Middle East following attacks on critical energy infrastructure across the region.
Israel bombed Iran's South Pars natural gas fields and oil facilities in Asaluyeh, while an Iranian missile attack on Qatar's Ras Laffan energy complex caused 'extensive damage,' according to the country's state-run energy firm.
President Donald Trump threatened in a post on Truth Social to 'massively blow up the entirety of the South Pars Gas Field at an amount of strength and power that Iran has never seen or witnessed before' if there are further attacks on Qatar.
After soaring to nearly $120 a barrel following the latest attacks, Brent crude oil futures have given back ground, but the volatility in oil prices continues to drive inflation concerns.
In U.S. economic news, the Labor Department released a report showing an unexpected dip in first-time claims for U.S. unemployment benefits in the week ended March 14th.
The report said initial jobless claims fell to 205,000, a decrease of 8,000 from the previous week's unrevised level of 213,000. Economists had expected jobless claims to inch up to 215,000.
The Labor Department said the less volatile four-week moving average also edged down to 210,750, a decrease of 750 from the previous week's revised average of 211,500.
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