U.S. Treasury yields moved higher on Thursday as investors continued to digest the U.S.-Iran war.
At 2:47 a.m. ET, the benchmark 10-year Treasury yield was up 4 basis points to 4.12%. The 30-year Treasury bond also added more than 4 basis points to yield 4.758%. The 2-year Treasury note was over 1 basis point higher, reaching 3.562%.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
U.S. Treasury Secretary Scott Bessent told CNBC’s Squawk Box on Wednesday that the government would be rolling out a series of measures to support oil trade in the Gulf, as the war threatened to jeopardize supplies and raise prices.
Investors are focused on potential disruption to oil flowing through the Strait of Hormuz, a narrow channel that handles roughly a fifth of global crude shipments.
U.S. President Donald Trump announced Tuesday that the U.S. would provide risk insurance and escorts to tankers in the Persian Gulf to ensure traffic can move through the Strait.
Bessent also told CNBC that Trump’s recently announced 15% global tariff will likely go into effect this week, after the Supreme Court struck down the President’s levies in February.
On the economic data front, investors awaiting weekly jobless claims on Thursday and looking ahead to February’s nonfarm payrolls report on Friday.