Treasuries gained as a decline in crude oil eased inflation concerns and the pressure on Treasury Secretary Scott Bessent, who has been moving to halt a months-long selloff that pushed the longest-dated yields to the highest in almost two decades. Yields fell by two to four basis points across the curve as oil dropped amid optimism about de-escalation in the Middle East.

Yields on 30-year bonds have fallen about 9 basis points to 5.19% since Bessent announced plans last week to at least double Treasury buybacks in a bid to drag down long-term rates.

The move comes as Bessent works to counter the selloff that had driven long-dated yields to multi-decade highs.