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Investors seek shelter after Saudi oil attacks

Investors seek shelter after Saudi oil attacks

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U.S. government debt prices rose on Monday morning as investors fled risk after attacks on Saudi oil production facilities escalated tensions in the Middle East.

U.S. Markets Overview: Treasurys chart

At around 4:30 a.m. ET, the yield on the benchmark 10-year Treasury note which moves inversely to price, was lower at around 1.8572%, while the yield on the 30-year Treasury bond fell to 2.3271%.

Investors are closely monitoring the fallout from drone attacks on Saudi Arabian crude facilities over the weekend, which were estimated to have shut around 5% of the world’s supply.

President Donald Trump said the U.S. was “locked and loaded” and awaiting communication from Saudi Arabia. Yemen’s Houthi rebels claimed responsibility for the attack, but the U.S. has nonetheless pointed the finger at Iran.

The 10-year yield had posted its largest weekly rally since November 2016 as fears of an impending economic downturn eased.

Auctions are scheduled Monday for $45 billion in 13-week Treasury bills and $42 billion in 26-week bills.

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