European shares were headed for a second straight weekly decline on Friday as renewed pressure in global bond markets weighed on sentiment and a diplomatic deadlock in the Gulf pushed oil prices higher. The pan-European STOXX 600 was up 0.06% at 650.79 points as of 0705 GMT. U.S. Treasury yields resumed their climb after a Treasury intervention on Wednesday offered only temporary support, despite Treasury Secretary Scott Bessent saying the government could increase Treasury buybacks and pointing to possible fiscal consolidation. Basic-resources stocks gained 1.3% as a softer dollar lifted gold. Bessent’s warning that the U.S. would impose "the toughest sanctions in history" on Iran, following President Donald Trump’s pledge of economic warfare, further reduced optimism about a deal to fully reopen the Strait of Hormuz. Brent crude reached a one-month high of $94.71 before profit-taking pared the advance.