10-year U.S. Treasury yield tops 5% for the first time since 2023 as oil nears $110

The 10-year U.S. Treasury yield reaching 5% tightens financial conditions and typically pressures risk assets via higher discount rates and funding costs. Simultaneously, oil near $110 raises inflation risk and complicates the path for rate cuts, reinforcing a higher-for-longer narrative. The combination increases cross-asset volatility, with energy and rates driving near-term positioning and broader macro risk repricing.