The 30-year Treasury yield just hit a 24-year high

US 30-year yields broke above 5.61% on Tuesday, the highest since 2002, while the 10-year touched roughly 5.25%, a level unseen since 2007, according to Reuters and the Straits Times. Bloomberg's Mark Cranfield floated 6% on the 10-year as a live possibility if oil stays above $100 a barrel, the Fed stays restrictive, and Middle East risk premiums persist. Brent has been trading near $103, and that combination, sticky inflation plus geopolitical risk plus heavy Treasury issuance, is exactly the mix that pushes term premium higher rather than lower. Every UK corporate treasurer refinancing dollar debt this quarter is now pricing against a benchmark that has moved over 100 basis points since before the Iran conflict began.