10-year Treasury yield tops 5% as oil surges and diesel hits new all-time high

The 10-year U.S. Treasury yield topped 5% Monday for the first time since 2023, as the price of oil surged and the nationwide average for diesel fuel prices hit a new all-time high.

Those price movements came after Saudi Arabia shut a critical pipeline and talks about the future of the Strait of Hormuz were postponed.

The international oil benchmark, Brent crude, surged to more than $109, while U.S. crude oil nearly hit $105 per barrel.

The East-West Pipeline, a key route for energy supplies, became even more critical due to the ongoing stalemate in the Strait of Hormuz, where vessel traffic has barely reached double digits in recent days.

U.S. Energy Secretary Chris Wright said Monday that he did not have an exact time frame for when the pipeline may restart but he was in contact with his Saudi counterpart and believed it would be “very soon.”

“I might have more of a time frame tomorrow,” he told Bloomberg Television. “They’ve been very carefully assessing what the damage was, what needs to be done, and and I think more clarity on that will come out very soon.”

On Friday, the Saudi Energy Ministry said the pipeline was shut down…

Original source: https://www.nbcnews.com/world