U.S. Treasury yields surged to their highest levels in decades Thursday as oil prices climbed as high as $108 per barrel.

The 30-year Treasury yield reached 5.47%, its highest level in 22 years, while the 10-year yield rose to 5.18%, its highest level since 2007.

Higher Treasury yields pushed the average 30-year fixed mortgage rate to 7.37%, the highest level since May 2024.

Oil prices initially rose after U.S.-Iran talks at the U.N. produced no apparent progress toward ending the seven-month war, NBC News has reported.

Prices later fell from their highs after reports that U.S. and Iranian negotiators were exploring a phased agreement that could include reopening the Strait of Hormuz.