U.S. Treasury yields have been climbing for weeks, but there’s something about Friday’s jump that might be making stock investors more uncomfortable. Yields are rising not just because investors are ramping up their inflation expectations.

Longer-dated Treasury yields climbed to their highest levels since May 2025 ​on Friday, as a spike in oil prices ​stoked fears that ongoing energy disruptions in the Middle ⁠East could further fuel inflation — which data this week ​showed had already surged in April.

The benchmark 10-year U.S. Treasury yield is rising toward its highest level in nearly a year, as rising oil prices fan fears about inflation again. The yield topped 4.54% in early trading this morning,

Investors are bracing for U.S. Treasury yields to stay higher longer, skeptical that incoming Federal Reserve Chair Kevin Warsh will be able to tame inflation stoked by surging oil prices during a prolonged Middle East ​conflict.

Rising yields may act as a headwind for assets like bitcoin and gold while potentially benefiting tokenized Treasury markets.

Treasury yields hit 5% for the first time since 2007 after a $25B auction, as energy-driven inflation and weaker demand lift rates—read now.

US Treasury yields rose to their highest levels in 10 months as investors digested two hotter-than-expected inflation readings.