The yield on US Treasury bonds has slightly increased, with oil prices remaining a key driving factor.

The US Treasury bond yield rose in overnight trading, but the increase was moderate, and oil prices remain a key driving factor. After Iran laid water mines in the Strait of Hormuz, investors faced new uncertainty in the oil market. Meanwhile, the International Energy Agency proposed the largest-ever release of oil reserves to lower crude oil prices. Against the backdrop of the closely watched oil price movements, the CPI data for February in the US may not receive as much attention as usual. Another event investors should watch is the $39 billion 10-year Treasury auction by the US Treasury Department. According to Tradeweb data, the yield on 2-year US Treasury bonds rose slightly by 0.7 basis points to 3.573%; the yield on 10-year bonds rose by 0.8 basis points to 4.143%; and the yield on 30-year bonds rose by 1.1 basis points to 4.782%.