U.S. 10-year Treasury yields hit 5% on Monday amid ongoing conflict in the Middle East causing tumult in energy markets.

The milestone comes amid a selloff of U.S. Treasury bonds, while the government rapidly increases its buyback rates, according to the Wall Street Journal. 10-year yields last hit 5% in 2007.

The surge coincides with a rise in oil prices, driven by Houthi advances in Yemen and strikes on Saudi Arabian oil pipelines.

Houthi forces based in Yemen's Sanaa region orchestrated a rapid offensive late last week that saw Saudi-backed forces on the Red Sea coast effectively evaporate.

The success of the Iran-backed proxy group seems to have emboldened them and the Houthis have subsequently escalated attacks on Saudi infrastructure.

Ben Whedon is the Chief Political Correspondent for Just the News. Follow him on X.