US 10-year and 30-year Treasury yields hit two-month highs as oil price surge fuels inflation risks

The U.S. Treasury market declined, with 10-year and 30-year bond yields rising to their highest levels in about two months. Surging oil prices have raised concerns that inflationary pressures may prompt the Federal Reserve to raise interest rates. On Tuesday, Treasury yields across maturities generally rose by 2 to 4 basis points, with the 10-year yield briefly climbing to 4.64%, its highest level since late May. As the U.S. and Iran launched strikes against each other for the 10th consecutive day, the U.S. dollar strengthened against most major currencies.