WASHINGTON (dpa-AFX) - Following the pullback seen during last Friday's session, treasuries showed a notable move to the downside during trading on Monday.
Bond prices saw modest weakness early in the day but slid more firmly negative territory as the session progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 4.0 basis points to 4.609 percent.
The ten-year yield added to the 3.0 basis point increase seen during last Friday's session, reaching its highest closing level in almost two months.
The continued weakness among treasuries came amid a sharp increase by the price of crude oil, with U.S. crude oil futures soaring by nearly 9 percent amid the continued exchange of attacks between the U.S. and Iran.
U.S. Central Command said it completed a new wave of offensive strikes against Iran on Sunday, hitting dozens of targets at multiple locations with precision munitions.
Tehran responded by attacking Gulf Arab states, including Bahrain, Kuwait, Qatar, Jordan and Oman, further straining the fragile ceasefire between the two countries.
President Donald Trump claimed in a post on Truth Social that the crucial Strait of Hormuz remains open but said he is reinstating the U.S. blockade of Iranian ports.
Trump also said the U.S. would be reimbursed at a rate of 20 percent on all cargo shipped through the strait as the U.S. serves as the 'Guardian of the Hormuz Strait.'
The sharp increase by the price of crude oil led to renewed concerns about the outlook for inflation and the possibility of higher interest rates.
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