U.S. government bond yields jumped to multiyear highs as oil prices climbed further amid growing investor concerns about the war in Iran.

Advisers to President Trump have privately suggested the conflict could drag on through the end of his term in 2029, The Wall Street Journal reported Wednesday. That followed a flare-up in attacks by both sides.

Brent crude futures traded above $105 a barrel, while the 10-year Treasury yield climbed above 4.9%--its highest intraday level since October 2023.

The European Central Bank raised interest rates Thursday, saying it expected inflation to remain above target for an extended period.

Treasury yields are rising despite Treasury Secretary Scott Bessent's effort to rein in the government's borrowing costs by stepping up buybacks of long-term debt. Trump's vow to pay each American adult $5,000 if Republicans keep control of Congress in November raises more questions over federal spending.

Stocks fell, with declines led by the Nasdaq.