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Iran oil sale license revoked amid Hormuz tensions

After the U.S. revoked the license, 10-year Treasury yields were up 6.6 basis points to 4.536 by about 3:10pm, while MBS were lower by nearly half a point.

Reported · Written up by our desk · Mortgages

Iran has attacked a few cargo ships recently, and the situation around Hormuz has rattled markets, with tensions between the sides described as escalating over the past 24 hours, Mortgage News Daily reports.

Mortgage News Daily says the U.S. referred to Iran's actions as unacceptable just before 3pm, revoked the license that had allowed the sale of Iranian oil, and that announcement lifted oil prices through the day.

The outlet reports that bond markets quickly reversed and showed strong correlation over the same 24-hour window, with 10-year yields rising 6.6 basis points to 4.536 by around 3:10pm.

Mortgage News Daily also notes mortgage-backed securities fell sharply, down nearly a half point by about 3:10pm, with additional pressure later in the session tied to trading around the NYSE open and the Hormuz news.

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