WASHINGTON (dpa-AFX) - Following the weakness seen over the two previous sessions, treasuries saw further downside during trading on Wednesday.
Bond prices moved lower early in the day and remained in the red throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.9 basis points to 4.657 percent.
With the continue increase on the day, the ten-year yield ended the session at its highest closing level in two months.
The extended weakness among treasuries came as crude oil prices continued to surge amid concerns about the escalating conflict between the U.S. and Iran.
U.S. crude oil futures have surged by more than 3 percent, reaching their highest levels in well over a month.
U.S. Central Command said it successfully completed the 11th consecutive evening of strikes against Iran on Tuesday.
Centcom said U.S. forces targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz.
The continued strikes come as Secretary of State Marco Rubio said the U.S. remains open to a diplomatic settlement of the conflict but argued Iran is 'not serious about talks.'
'If they're serious, we're serious. If they're not, then we will do what is necessary to protect our interests and also the interests of our allies,' Rubio said.
In a post on Truth Social, President Donald Trump also threatened to bomb and destroy one Iranian bridge or power plant any time the Iran shoots at a ship in the Strait of Hormuz.
The surge by the price of crude oil over the past few days has led the renewed concerns about the outlook for inflation and interest rates, weighing on treasuries.
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