WASHINGTON (dpa-AFX) - Following the surge seen in the previous session, treasuries showed a notable move back to the downside during trading on Thursday.
Bond prices came under pressure early in the session, bond prices remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 4.3 basis points to 4.696 percent.
The ten-year yield largely offset the 5.3 basis point slump seen on Wednesday, which came after the Treasury Department announced upscaled buyback operations for longer-term debt.
The pullback by treasuries came as the price of crude oil extended the strong upward move seen over the past several sessions, with U.S. crude oil futures surging by nearly 3 percent.
Crude oil prices spiked amid concerns about the conflict in the Middle East following President Donald Trump's latest threats.
In a post on Truth Social, Trump announced he is launching 'economic warfare' against Iran, calling it the 'most crushing economic operation ever taken against any country.'
Trump also warned of 'tremendous economic consequences' for any country that 'allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran.'
Responding to Trump's threats, Iran's Foreign Minister Abbas Araghchi described the so-called 'Economic D-Day' as a 'diversion from America's own crisis: unprecedented debt & surging interest costs.'
'Doubling down on failed policies will only bring further defeat-and enmity of Iranians,' Araghchi said in a post on X. 'US economic terrorism threatens global economy and sovereignty worldwide.'
The latest rhetoric suggests there is no end in sight to the U.S.-Iran war, leading to renewed concerns about supply disruptions.
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