US Treasury bonds give up overnight gains as Iran attacks Kuwaiti facilities, sending oil prices upward; renewed tug-of-war between safe-haven demand and inflation concerns

智通财经2026/07/21 12:31

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U.S. Treasury bonds saw volatile overnight trading on Tuesday. In early trading, hopes for a ceasefire mediation between the U.S. and Iran pushed oil prices lower, providing support for bond prices. However, reports later indicated that Iran launched attacks on Kuwait’s power and desalination plants, causing fires at the facilities for four consecutive days. Rising geopolitical risks drove Brent crude back above $90 per barrel, leading U.S. Treasury prices to give back their gains.
Yields across all maturities rose, with the 10-year Treasury yield climbing about 0.8 basis points to 4.606%. The 2-year yield edged down 0.4 basis points to 4.211%. The divergence between short and long ends made the yield curve steeper, with the 2-year/10-year spread widening to around 39.5 basis points. The 30-year yield rose 0.9 basis points to 5.127%, reflecting the market's repricing of premiums for medium- to long-term inflation and geopolitical risks.
Intraday trading ranges showed yields for all tenors rising compared to the previous close, with the 30-year yield hitting an intraday high of 5.129%. The market remains highly sensitive to the deterioration of the Middle East situation, and any signal of escalating conflict could quickly overturn the trading logic based on expectations of diplomatic easing.

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US Treasury bonds give up overnight gains as Iran attacks Kuwaiti facilities, sending oil prices upward; renewed tug-of-war between safe-haven demand and inflation concerns

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