U.S. Treasury yields lost steam after reaching multiyear highs on Monday as investors grapple with the prospect of rising borrowing costs amid volatility in energy markets.

The 10-year Treasury yield pulled back below the 5% mark after briefly topping it, while the 30-year yield also retreated from recent peaks. The moves followed a sharp selloff that had pushed yields to levels not seen in over a decade.

In Europe, the German Bund yield hit a 15-year high, reflecting similar pressures from rising rates and energy market uncertainty. The yield on the 10-year Bund climbed to its highest level since 2008.

The swings come as investors assess the path of central bank policy and the impact of higher borrowing costs on economic growth. Volatility in energy markets has added to the uncertainty, with oil prices fluctuating amid supply concerns.

Market participants remain focused on upcoming economic data and central bank commentary for further direction.