The yield on the US 10-year Treasury note held steady near 5.12% on Wednesday, recovering from the previous session’s decline as rising oil prices intensified inflation concerns and strengthened expectations of further interest rate hikes. Oil prices resumed their upward momentum after a diplomat dismissed reports that an agreement to end the US-Iran conflict was imminent, while confirming that negotiations remain ongoing. Meanwhile, the US Federal Reserve is widely expected to keep interest rates unchanged next week, although markets are pricing in a possible rate hike in December. Treasury yields surged to multi-decade highs earlier this month amid a global bond selloff, driven by persistent energy-related inflation pressures, mounting government debt, and deteriorating fiscal conditions across major economies.