Oil rises on Middle East tensions as U.S. 10-year yield nears 4.8%

International oil prices rose as instability in the Middle East pushed U.S. Treasury yields higher.

The U.S. 10-year Treasury yield, a benchmark for borrowing costs worldwide, reached 4.788% on the morning of the reported trading day, up 3 basis points from the previous day. It was the highest level since Jan. 14 of the previous year.

The two-year Treasury yield, which is more sensitive to monetary policy, also moved higher, rising 1 basis point.