WASHINGTON (dpa-AFX) - Treasuries showed a lack of direction early in the session on Wednesday but once again moved to the downside over the course of the session.
Bond prices came under pressure in late morning trading and remained firmly negative for the rest of the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.1 basis points to 4.837 percent.
The ten-year yield closed higher for the third straight session, reaching its highest closing level in almost three years.
The weakness that emerged among treasuries came after the Treasury Department announced plans to buy back up to $6 billion in longer-term government debt.
While the buyback is triple the normal level, traders seemed disappointing that the buyback was not even bigger.
A continued surge by the price of crude oil also weighed on treasuries, with U.S. crude oil futures spiking by 3.7 percent.
The international benchmark brent crude futures have also topped $100 a barrel for the first time since July.
The jump in crude oil prices comes as U.S. forces destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps targeted a U.S. Navy warship with ballistic missiles.
U.S. Central Command said Iran has used the tankers as part of a multibillion-dollar shadow network that funds the IRGC and its regional proxies.
Iran retaliated by launching a barrage of missiles targeting U.S. military positions in Jordan, raising fears of a wider regional conflict.
Meanwhile, bond traders shrugged off the results of this month's auction of $39 billion worth of ten-year notes, which attracted well above average demand.
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