US treasury yields rise; the 10-year Treasury yield hits a five-week high during Asian trading hours.

According to Tradeweb data, the yield on 10-year US Treasury bonds reached a five-week high of 4.251% during the Asian trading session, before slightly retracting but still higher than the previous trading day. The increase in yields comes as the market worries about a potential long-term closure of the Strait of Hormuz causing supply disruptions, driving Brent crude oil prices above $100 a barrel. Earlier, the International Energy Agency announced the largest ever release of oil reserves on Wednesday. Yields on US Treasury bonds of all maturities have risen; according to Tradeweb data, the yield on 10-year bonds is now at 4.228%, an increase of 2.4 basis points.