U.S. Treasury bonds advanced across the board after the United States and Iran indicated they have reached an agreement to reopen the Strait of Hormuz.

The yield on the benchmark 10-year Treasury note fell by 5 basis points to 4.43%, while the 30-year yield dropped 3 basis points to 4.93%.

Yields on the 2-year and 5-year notes each declined by 6 basis points, to 4.02% and 4.15% respectively.