US Treasury Yields Decline Slightly, Oil Prices Near Seven-Week Low on Middle East Diplomatic Hopes

The yield on the US 10-year Treasury note saw a minor decrease, settling at 4.48%. Concurrently, WTI crude oil futures remained close to a seven-week low, trading below $93 per barrel. This dip in oil prices is largely attributed to renewed optimism for a diplomatic resolution in the Middle East, specifically hopes for a ceasefire and the potential reopening of the Strait of Hormuz.