According to CoinMeta, after Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, oil prices rose during the Asian session on Monday, exacerbating concerns about inflation and leading to a resumption of selling U.S. Treasury bonds. The yield on two-year U.S. Treasuries, which are sensitive to interest rates, increased by 5 basis points to 4.90%, while the yield on 10-year Treasuries rose by 4 basis points to 5.20%. Sovereign bonds in Japan and Australia also saw declines. Damian McCullough, head of fixed income research at Westpac Bank, stated, "The Federal Reserve's continued hawkish signals, along with oil prices remaining above $100 per barrel, are key factors driving a bearish market for bonds."