WASHINGTON (dpa-AFX) - Following the Veterans Day holiday on Wednesday, treasuries have moved sharply lower during trading on Thursday, extending the slump seen on Tuesday.
Bond prices moved steadily lower throughout the morning before moving roughly sideways in afternoon trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, has jumped 12.0 basis point to 5.109 percent.
The steep drop by treasuries comes amid a sharp increase in the price of crude oil, with U.S. crude oil futures surging by 3 percent.
Crude oil futures are extending the increase seen in the previous session after President Donald Trump claimed in a post on Truth Social that the U.S. does not need to make a deal with Iran.
'Those days have long since passed,' Trump said. 'We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!'
Trump's latest remarks come after he previously said renewed attacks again Iran were 'highly unlikely' as long as negotiations continue to make progress.
The shift by Trump has led to concerns about prolonged supply disruptions as the U.S. continues to put economic pressure on Tehran with its blockade of Iranian ports and Operation Iron Gate.
In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by more than expected in the week ended November 7th.
The Labor Department said initial jobless claims climbed to 200,000, an increase of 9,000 from the previous week's revised level of 191,000.
Economists had expected jobless claims to rise to 195,000 from the 189,000 originally reported for the previous week.
A separate report released by the National Association of Realtors showed existing home sales plunged more than expected in October, hitting their lowest level since August 2010.
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