Treasuries End Flat as Oil Plunge Offsets Iran War Uncertainty; 10-Year Yield Holds at 4.136%

Treasuries closed roughly flat for a second straight session Tuesday, erasing early gains, as the benchmark 10-year yield finished unchanged at 4.136 percent. Early buying followed a sharp crude pullback, with April crude plunging $10.61, or 11.2 percent, to $84.16 a barrel after nearing $120 on Monday. Sentiment stayed clouded by the U.S. war with Iran. President Donald Trump said Monday the conflict could end "very soon" but offered few details, and warned Iran would be hit "twenty times harder" if it disrupts oil flow through the Strait of Hormuz. Defense Secretary Pete Hegseth said Iran is "badly losing" but that the U.S. would launch its "most intense day of strikes" Tuesday. Middle East developments are likely to remain in focus Wednesday, alongside a report on consumer price inflation.