U.S. Treasury yields fell as oil prices dropped after President Donald Trump warned Iran that it would be hit "twenty times harder" if it attempted to halt shipments through the Strait of Hormuz. The 10-year Treasury yield fell almost 2 basis points to 4.117%. The 30-year bond fell by less than one basis point to yield 4.734%. The 2-year note yield also declined nearly 3 basis points. Energy ministers from G7 are set to discuss a potential release of emergency oil reserves to address supply disruptions triggered by the Iran war. The International Energy Agency Executive Director, Fatih Birol, also discussed the global economic outlook and the intensifying Middle East conflict.