The punishing selloff in bonds is driving Treasury yields to ever more eye-catching milestones, with the 30-year bond yield reaching a 24-year high. The slide continued Tuesday despite a decline in oil prices, a key driver of bond yields since the start of the war in Iran. Higher energy costs have spurred concerns that the Federal Reserve will need to keep raising interest rates well into next year—though other factors have also played a part, including recent signs of a strengthening economy.

Treasury yields were buffeted by conflicting forces on Tuesday. An expected $32 billion bond sale from Paramount Skydance to help fund its acquisition of Warner Bros. Discovery put upward pressure on longer-term yields. Short-term yields were pushed lower by comments from New York Fed President John Williams, who said there is “no need for urgency” to raise rates.

The 30-year bond yield settled at 5.594%. The 10-year yield settled at 5.256%. Stock indexes fell slightly. Higher interest rates weigh most heavily on sectors such as housing and consumer products, said Ross Mayfield, investment strategist at Baird.

Brent crude futures fell 2.6% to $102.59 a barrel. But investors are finding it hard to have faith in developments on the Iran conflict. The correlation between U.S. benchmark oil prices and the 10-year Treasury yield has jumped to a 35-year high.