Oil Above $90, But 10-Year Treasury Yield Barely Buds — Down 2 bps to 4.55%

Brent crude topped $90 on July 20, 2026, as U.S.-Iran hostilities disrupted Middle East oil supply. Yet the 10-year Treasury yield fell 2 basis points to 4.55%, just 8 bps above its July 2025 level of 4.47%. Bond markets appear to price offsetting growth risks from the conflict alongside inflation pressures, capping any duration sell-off despite the supply shock.