<div id="readability-page-1" class="page"><div> (RTTNews) - After initially extending their recent upward trend. Treasuries gave back ground over the course of the trading session on Wednesday. Bond prices pulled back well off their best levels of the day but still closed modestly higher. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.2 basis points to 4.481 percent. The early strength among treasuries came amid an extended nosedive by the price of crude oil, with U.S. crude oil futures plunging by more than 5 percent. Optimism about an eventual end to the conflict between the U.S. and Iran continues weigh on oil prices even as a final deal has remained elusive. Speaking to reporters at the White House, President Donald Trump stated that Iran wants to make a deal but said the U.S. is not satisfied with their offers and asserted that the Strait of Hormuz should be open for everybody. Secretary of State Marco Rubio also said the U.S. will give the diplomatic route &#34;every chance to succeed&#34; but reiterated that Trump has other options. While oil prices remain sharply lower, treasuries gave back ground after the White House denied a report Iranian state TV ?had obtained a draft of an initial, unofficial framework for a memorandum of understanding between the U.S. and Iran. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to ?pre-war levels within a month, according to the report from Reuters. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

Treasuries initially rose but closed modestly higher after pulling back during the trading session. The yield on the ten-year note fell to 4.481%. This movement coincided with a significant drop in crude oil prices, influenced by ongoing U.S.-Iran tensions. President Trump indicated dissatisfaction with Iran's offers for a deal, while Secretary of State Rubio emphasized the U.S. will pursue diplomatic efforts. The White House denied a report about a draft agreement for restoring shipping through the Strait of Hormuz.

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Treasuries Give Back Ground After Early Advance But Close Modestly Higher