Markets had hoped for a US-Iran deal, but tensions persist. Ships are trickling through the Strait of Hormuz, and global inventories are drying up.
Analysts estimate 1 billion barrels of crude will be lost by end-May. Brent is back above $111, and 10-year Treasury yields hit 4.631%.
Higher borrowing costs widen Washington's deficit. G7 finance ministers and central bankers meet in Paris today, with new Fed Chair Kevin Warsh in focus.
