Oil prices climbed higher on Tuesday, adding to recent gains. The 10-year Treasury yield briefly hit levels last seen in 2007, reflecting market expectations for tighter monetary policy. The Senate dealt a blow to the crypto industry by rejecting a measure that would have eased regulatory burdens.

Oil prices have been rising on supply concerns and strong demand. The yield on the 10-year Treasury note briefly touched 5%, a level not seen since 2007, before retreating. The move came as investors weighed the Federal Reserve's next steps.

In Washington, the Senate rejected an amendment that would have exempted certain crypto transactions from reporting requirements. The vote is a setback for the crypto industry, which has been pushing for clearer and more favorable rules.

The combination of rising oil prices, higher bond yields, and regulatory pressure on crypto could weigh on risk assets in the near term.