The yield on the 10-year and 30-year US Treasury bonds hits two-month highs as rising oil prices trigger inflation risks.

The US Treasury market fell, with yields on 10-year and 30-year bonds rising to their highest levels in about two months. The surge in oil prices has raised concerns in the market that inflation pressure may prompt the Federal Reserve to raise interest rates. On Tuesday, yields on various maturities of US bonds rose by 2 to 4 basis points, with the 10-year yield reaching 4.64% at one point, the highest level since late May. As the US and Iran continued to launch attacks on each other for the 10th consecutive day, the US dollar strengthened against most major currencies.