The 10-year U.S. Treasury yield briefly climbed above 5% Monday for the first time since 2023 as oil and diesel prices surged amid worsening Middle East supply disruptions, NBC News reported.

Brent crude topped $109 a barrel, while U.S. crude neared $105 after Saudi Arabia shut its East-West Pipeline following attacks and talks over the Strait of Hormuz were postponed. Vessel traffic through Hormuz remains far below prewar levels.

AAA reported the national average for regular gasoline rose to $4.31 a gallon, while diesel hit a record $6.23. Economists warn higher diesel costs could push up prices across the economy because of its use in trucking, farming, shipping, and rail.

Rising energy costs are also fueling inflation concerns. The Federal Reserve is widely expected to raise interest rates Wednesday, while the 30-year Treasury yield climbed above 5.37%, its highest level since 2007. Market odds put the chance above 90% Monday.

Read more at NBC.