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US 10-year treasury yield tops 4.96%

Surging oil prices are driving up long-term interest rates in the United States. The US 10-year Treasury yield hit 4.96 percent on　Thursday, the highest level since October 2023. The 30-year Treasury yield topped 5.37 percent, its highest in 19 years.

Soaring crude oil futures triggered the latest bond market sell-off. The WTI benchmark crossed above 100 dollars a barrel amid the escalating conflict between the US and Iran.

Investors are speculating that a renewed energy crisis will reignite inflation, causing the Federal Reserve to hike interest rates at an early point.

Fears about US finances also have investors worried. They started dumping treasuries after US President Donald Trump offered a　5,000-dollar payout to all adult American citizens if Republicans keep control of Congress in November mid-term elections.