0545 GMT - U.S. Treasury yields extend Tuesday's decline as oil prices retreat further after Treasury Secretary Scott Bessent said Tuesday that a deal with Iran to reopen the Strait of Hormuz may be near. Brent oil last trades 0.6% lower at $78.89, having slid more than 5% on Tuesday. The fall in U.S. Treasury yields is more pronounced on the intermediate segment and the long end of the curve than on the short end. The two-year yield falls 0.7 basis points to 4.186%, the 10-year yield declines 2.9 basis points to 4.598% and the 30-year yield falls 3.5 basis points to 5.154%, according to Tradeweb.