The yield on the benchmark ten-year U.S. Treasury note surged 8.2 basis points to 4.745 percent on Friday, reaching its highest closing level since early January 2025. Bond prices fell sharply as crude oil prices jumped after Iran claimed it attacked two tankers transiting the Strait of Hormuz under U.S. military escort. Traders also reacted to statements from two Federal Reserve officials who voted to raise interest rates by a quarter point earlier this week. Minneapolis Fed President Tushar Kashkari noted that inflation has been elevated relative to the central bank's 2 percent target for more than five years and argued that a series of small policy moves would be better than waiting for bolder actions. Cleveland Fed President Beth Hammack said she preferred to move at the recent meeting because she did not see the current policy stance as appropriately restrictive.