WASHINGTON (dpa-AFX) - Treasuries showed a notable move to the upside during trading on Tuesday, extending the rebound seen over the two previous sessions.
Bond prices moved higher in morning trading and remained firmly positive throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 3.7 basis points to 4.604 percent.
The ten-year yield closed lower for the third straight session, pulling back further off its highest closing level since early 2025.
Treasuries continued to benefit from an extended slump by the price of crude oil, with U.S. crude oil futures plunging by more than 4 percent and dropping below $80 a barrel.
Crude oil prices continue to plunge amid news Iran's Foreign Minister Abbas Araghchi held phone conversations with Saudi Arabia and Oman to discuss the latest regional developments as well as the management of the Strait of Hormuz.
Citing a gulf source, Reuters reported that Oman has proposed a joint regional mechanism to manage the shipping traffic across the Strait of Hormuz.
The steep drop in crude oil prices comes as the U.S. and Iran continue to hold off on exchanging attacks for the fourth straight day, leading to optimism about another more permanent ceasefire.
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