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U.S. Treasury yields advanced on Wednesday, following oil prices higher, as traders await jobless claims data due later in the session.
The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was up more than 1 basis point to 4.675%.
The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, rose more than 1 basis point to 4.317%. The longer-dated 30-year Treasury bond yield was higher by more than 1 basis point to 5.161%.
One basis point is equal to 0.01%, and yields and prices move inversely to each other.
Oil prices continued to climb on Thursday, with Brent crude futures surpassing $97, following reports of attacks on tankers off the coast of Saudi Arabia and the U.S. renewed threats to escalate strikes against Iran.
At 3:45 a.m. ET, Brent crude futures for July delivery gained 3.9% to $97.76 per barrel, marking their highest level since June 3. U.S. West Texas Intermediate crude futures advanced around 3% to $89.50 per barrel.
Government bond yields also moved higher across Asia and Europe on Thursday. The yield on the U.K. 10-year government bond rose 4 basis points to above 5% as new prime minister Andy Burnham cut property taxes on hospitality venues, contributing to investor unease.
Burnham’s 20% cut on business rates will cost roughly £100 million ($134 million) and aims to protect pubs, clubs and music venues from higher costs.
Weekly jobless claims will be released at 8:30 a.m. ET on Thursday, while investors will be looking ahead to the latest S&P Global Flash U.S. PMI report due Friday, which measures the economic health of American manufacturing and services sectors.
— CNBC’s Chloe Taylor also contributed to this report.
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