The benchmark 10-year US Treasury yield closed at 5.11% on Wednesday after rising more than 14 basis points from Tuesday and exceeding 5.13% intraday, marking its highest close since July 2007. The sell-off has accelerated since the Iran war began, with energy-market disruption and concern over rising sovereign debt adding to pre-existing inflation and monetary-policy concerns. The 10-year yield stood at 3.96% on Feb. 27, the day before the US and Israel launched the Iran war. Iranian military action in the Strait of Hormuz has disrupted shipping, while Adm. Brad Cooper said US forces supported the transport of more than 1 billion barrels of crude through the waterway in recent months. West Texas Intermediate crude settled at $92.16 a barrel Wednesday after topping $100 again last week. Higher Treasury yields are feeding into household borrowing costs, with the average 30-year mortgage rate reaching 6.95% last week, its highest level since January 2025, Freddie Mac reported. Yields also rose in the UK, Germany and Japan, as investors assessed the effects of the conflict, growing public debt and the prospect that interest rates could remain elevated.