30-year Treasury yield tops 5.31%, the highest in 19 years

[Zakana]

Treasury yields were higher on Monday as oil prices rose, with worries growing among investors about persistent inflation and government borrowing.

The30-year Treasuryyield, which is typically sensitive to geopolitical events, advanced more than 4 basis points to 5.311%. It reached its highest level since June 2007.

The10-year Treasurynote yield — the main benchmark for mortgages, auto loans and credit card debt — was more than 2 basis points higher at 4.724%.

The yield on the2-year Treasurynote, which typically reacts in line with short-term Federal Reserve interest rate decisions, rose more than 1 basis point to 4.182%.

One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.

Oil prices roseas the 60-day deadline for the U.S. and Iran to secure a peace deal is expiring Monday, with Iran ruling out the possibility of an extension.

West Texas Intermediate futuresgained 2% to trade above $84 per barrel. Global benchmarkBrent crudeadvanced 2% to above $90 a barrel.

Investors are awaiting July's FOMC meeting minutes, due Wednesday, for further insights into the Federal Reserve's latest monetary policy decisions and potential future rates trajectory.

Bond yields roseduring Friday's session after retail sales fell by a surprise 0.6% last month, which came after aflat producer price indexprint month-on-month in July.

TheFed voted 9-3to hold rates steady at between 3.50% and 3.75% for the fifth consecutive meeting on July 29. The three dissenting committee members — Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas — instead called for a 25 basis point hike.