U.S. Treasury yields rose in Asian trade on Monday as efforts to resolve the Middle East conflict faced another setback, pushing oil prices higher. Peace negotiators are pressing Iran to make a concession on its nuclear program to revive ceasefire talks with the U.S. after President Trump rejected Iran’s truce proposal. Yields hovered close to their recent multiyear highs.

Higher oil prices have reinforced market expectations of further interest rate hikes by the Federal Reserve. Meanwhile, Eurozone bond yields edged lower, though there was little reason for relief. Asian bond yields and oil prices climbed as U.S.-Iran talks stalled, adding to global market uncertainty.