US Treasury yields moved lower early Monday, tracking a pullback in oil prices that pushed sovereign financing costs down across the globe. The benchmark 10-year Treasury yield slipped about 3 basis points to 4.967%. Last week, that yield touched 5.041%, its highest level in 19 years. The 2-year yield eased roughly 1 basis point to 4.729%, while the 30-year yield dropped 3 basis points to 5.306%. A basis point equals 0.01%. Bond yields and prices move in opposite directions.

European bond yields also declined broadly. Both the eurozone benchmark German 10-year Bund and the UK 10-year Gilt fell 5 basis points. Japan's market, a key global observation point, was closed on Monday for a holiday. Despite ongoing conflict in the Middle East, falling crude prices lifted investor sentiment, with equities advancing.

World leaders are heading to the United Nations General Assembly, making diplomatic negotiations the focal point this week. Meanwhile, the United States is intensifying pressure on Tehran to reach an agreement that secures trade passage through the Strait of Hormuz. Investors continue to digest the Federal Reserve's 25-basis-point rate hike last week and assess the likelihood of further increases this year. The European Central Bank also raised eurozone rates this month, while the Bank of England opted to hold rates steady at its meeting last week.