US 10-year yields climbed four basis points to 3.97% after earlier falling to an 11-month low of 3.92%, while 30-year yields rose four basis points to 4.65% as reports of conciliatory messages from both Washington and Tehran dampened demand for safe-haven assets. The shift reflects markets' reassessment of the Iran conflict's near-term impact, with Nomura strategist Andrew Ticehurst noting the situation remains key but headlines appear to have stabilized sentiment. Saxo Markets' Charu Chanana warned the bond-as-haven trade is becoming less clean amid sticky oil prices adding to inflation concerns. US-Iran tensions drove February's first monthly Treasury gain since November, but current stability suggests investors are now focusing on inflation risks rather than geopolitical uncertainty. Treasury yields now face pressure from both geopolitical resolution and persistent energy-driven inflation.