U.S. Treasury yields edged higher in Asian trade on Tuesday but remained slightly below Monday's multiyear peaks.

The recent leg of the rise in yields has been triggered by a stalemate between the U.S. and Iran around the terms of reopening the Strait of Hormuz, even as a growing number of tankers are crossing the waterway.

High oil prices are fueling market expectations of further interest-rate hikes by the Federal Reserve, weighing on Wall Street.

The Federal Reserve faces mounting pressure as crude costs stay elevated amid Middle East tensions.