investors await key jobs data

U.S. Treasury yields moved higher on Friday as the conflict between Iran and the U.S. entered its seventh day and investors awaited a key jobs report.

The benchmark 10-year Treasury yield was up more than 2 basis points at 4.175%. The 30-year Treasury bond added more than 2 basis points to yield 4.774%. The 2-year Treasury note yield was 3 basis points higher at 3.629%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Investors are anticipating the nonfarm payrolls report for February, which is due to be released at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expect 50,000 jobs to be added, lower than the 130,000 payrolls added in January. The unemployment rate is forecasted to hold steady at 4.3%.

Deutsche Bank analysts said in a note that the report is likely to be “overshadowed by events in the Middle East,” as investors continue to monitor the latest developments in the region. They’re also keeping an eye on oil prices, which rose again on Friday morning.

“The market selloff resumed over the last 24 hours, with equities and bonds posting fresh declines as the war in the Middle East showed no sign of ending,” the Deutsche Bank analysts said in a note on Friday. “That’s raising fears about a more protracted conflict, with investors increasingly alarmed that the oil price spike will become entrenched, pushing up inflation around the world.”

This comes after the U.S offered a 30-day waiver to India — the world’s third-largest oil importer — to resume purchasing Russian oil, on Thursday.

Previously, the U.S. had imposed a 25% tariff on India for buying Russian crude, which was revoked last month.