Oil rose in Asian trade Monday after Trump rejected Iran's proposal to reopen the Strait of Hormuz, stoking inflation concerns and triggering a renewed US Treasury sell-off. The 2‑year Treasury yield rose 5bps to 4.90% and the 10‑year yield rose 4bps to 5.20%. Japanese and Australian sovereign bonds also sold off. Yields had already surged to multi-year highs last week amid focus on recent Fed remarks and decisions. Damian McCulloch, head of fixed-income research at Westpac, said the Fed's susta

Oil rose in Asian trade Monday after Trump rejected Iran's proposal to reopen the Strait of Hormuz, stoking inflation concerns and triggering a renewed US Treasury sell-off. The 2‑year Treasury yield rose 5bps to 4.90% and the 10‑year yield rose 4bps to 5.20%. Japanese and Australian sovereign bonds also sold off. Yields had already surged to multi-year highs last week amid focus on recent Fed remarks and decisions. Damian McCulloch, head of fixed-income research at Westpac, said the Fed's sustained hawkish signals and oil holding above $100 a barrel are key drivers of the bond weakness.