US Treasury prices climbed on June 9 as oil markets cratered, with West Texas Intermediate crude dropping more than 5% to its lowest point in over a month. The catalyst: Israel and Iran agreed to stop shooting at each other.
The 10-year Treasury yield fell to roughly 4.53-4.54%, a move that reflects traders recalibrating their inflation expectations in real time.
The geopolitics behind the price drop
The Israel-Iran ceasefire announcement was the primary driver. Middle Eastern tensions had been a persistent tailwind for crude prices throughout much of 2026, with military conflicts disrupting oil supply chains and keeping energy traders on edge.
US President Trump signaled potential negotiations with Tehran, adding another layer of diplomatic optimism. Back in May 2026, Brent crude closed at $92.05 per barrel after plunging nearly 20% on earlier ceasefire momentum. The June move extends that pattern.
