US Treasury Yield Hits 19-Year High as Oil Prices Soar

The US Treasury yield has reached its highest level in 19 years, hitting 5.02 percent on Tuesday for the first time since the 2007 global financial crisis.

This milestone is a result of traders betting on a Federal Reserve interest rate hike following a new rise in oil prices, which have surged beyond $100 a barrel for the first time since May.

The 10-year Treasury benchmark price influences lending rates for nearly every asset in US financial markets, including consumer debt and home mortgages.

Other global benchmark bonds, such as Germany's 10-year bond yield and Japan's 10-year government bond yield, have also reached multi-decade highs due to the ongoing US-Iran war and energy facility attacks.