WASHINGTON (dpa-AFX) - Treasuries initially came under pressure following yesterday's substantial rebound but staged a significant recovery attempt over the course of the trading day on Thursday.
Bond prices climbed well off their worst levels and briefly turned positive in late-day trading before closing modestly lower.
Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by 1.4 basis points to 4.586 percent after reaching a high of 4.635 percent.
The initial pullback by treasuries came amid a substantial rebound by the price of crude oil, with U.S. crude oil futures surging as much as 4.5 percent after plummeting by 5.7 percent on Wednesday.
Crude oil futures jumped back above $100 a barrel as traders awaited developments on a potential U.S.-Iran peace deal.
Oil prices saw further upside after a report from Reuters said Iran's Supreme Leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad.
However, crude oil futures saw a substantial downturn after an X post from Al Jazeera reporter Ali Hashem said a senior Iranian official denied the reports, contributing to the recovery attempt by treasuries.
The official told Hashem 'no new order has been issued' and called the reports 'propaganda by the enemies of the deal.'
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