Brent crude futures rose to $100 a barrel on July 23, marking the first return to that level since late May, according to Bitget market data. The move came as threats of an escalation in the Iran war pushed oil prices higher and sent U.S. Treasury yields to their highest levels of the year.
The policy-sensitive 2-year Treasury yield rose about 4 basis points on Thursday to roughly 4.34%, its highest level since early 2025. The 10-year yield touched a yearly high of 4.712%, while the 30-year yield climbed to 5.19%, just below its highest level since 2007.
The report said the rebound in oil was also linked to claims by Houthi forces that they had attacked a commercial vessel for the first time in recent months. Rising oil prices kept pressure on the Treasury market and reinforced trader expectations that the Federal Reserve, under Warsh, could move to raise rates soon, with some in the market expecting action as early as next week.
Brent crude futures jumped to $100 a barrel on July 23, the first time they have reached that level since late May, according to Bitget market data.
The report said threats of an escalation in the Iran war lifted oil prices and pushed U.S. Treasury yields to their highest levels of the year, leading markets to expect that the Federal Reserve could raise interest rates as soon as next week.
The 2-year U.S. Treasury yield, which is highly sensitive to Federal Reserve policy expectations, rose about 4 basis points on Thursday to around 4.34%, the highest level since early 2025. The 10-year Treasury yield touched a yearly high of 4.712%, while the 30-year yield climbed to 5.19%, slightly below its highest level since 2007.
The report also said Brent crude had been slowly recovering toward $100 a barrel as Houthi forces claimed to have attacked a commercial ship for the first time in recent months. That rise in oil prices kept pressure on the U.S. Treasury market and made traders more likely to believe that the Federal Reserve, under Warsh, will move to raise rates soon this year.
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