Lower oil prices and expectations of reduced pressure on interest rates lifted bond markets, though fresh strikes near the Strait of Hormuz underscored the fragility of the ceasefire.

US Treasury yields fell sharply after Trump signaled progress in Iran negotiations. The 10-year yield dropped 10 bps to 4.57%, with Bitcoin also rallying.

US Treasury yields fell 6-9 basis points as traders bet on Iran peace deal progress. Oil dropped 6-8% while Bitcoin rallied toward $82K on improved risk appetite.