Oil Above $90, 10-Year Yield Holds Near 4.55%

Brent crude topped $90 on July 20, 2026, as U.S.-Iran hostilities disrupted Middle East supply. Yet the 10-year Treasury yield fell just 2 basis points (0.02%) to 4.55% — only 8 bps above its July 2025 level of 4.47%. Bond markets seem to weigh conflict-driven growth risks against inflation pressures, capping any duration sell-off despite the supply shock.