WASHINGTON (dpa-AFX) - After showing a lack of direction throughout much of the session, treasuries came under pressure in the latter part of the trading day.
Bond prices moved to the downside going into the close after spending much of the day lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.2 basis points to 4.806 percent.
The ten-year yield added to the 2.2 basis point gain posted last Friday, reaching its highest closing level in almost three years.
The weakness among treasuries came amid a sharp increase by the price of crude oil due to the continued escalation of the conflict in the Middle East.
U.S. crude oil futures are jumping by more than 2 percent after the U.S. struck three Iranian crude oil carriers over the weekend after Iran launched ballistic missiles toward two U.S. Navy warships patrolling regional waters.
Iran has threatened to retaliate against any new U.S. attacks on its assets and Saudi-led coalition forces vowed a resolute response to a wave of attacks from Houthi rebels.
Amid escalating tensions with the U.S., Teheran said a deal with Oman to manage shipping through the Strait of Hormuz was imminent.
However, overall trading activity was somewhat subdued ahead of the release of the key U.S. inflation data later in the week.
The reports on consumer and producer price inflation could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
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