According to Jin10, oil prices rose in Asian trading on Monday after U.S. President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, reviving U.S. Treasury selling and lifting inflation concerns. The two-year U.S. Treasury yield rose 5 basis points to 4.90%, while the 10-year yield rose 4 basis points to 5.20%. Japanese and Australian sovereign bonds also fell. Before that, U.S. Treasury yields across maturities had already surged to multi-year highs last week as markets focused on recent Federal Reserve policy remarks and decisions. Westpac Banking Corporation head of fixed income research Damien McColough said the Federal Reserve's continued hawkish signals and oil prices holding above $100 per barrel were key factors driving the bearish view on bonds.