U.S. Treasury yields climbed higher on Monday as oil prices soared past $100 a barrel and increased inflation fears among investors.

The benchmark 10-year Treasury yields rose more than 4 basis points to 4.175%, and the 30-year Treasury bond added more than 3 basis points to yield 4.787%. The 2-year Treasury note yield was 5 basis points higher at 3.606%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Investors are watching oil prices, which jumped more than 25% earlier to above $110 a barrel, fueling concerns about rising energy costs and an inflation spike.

West Texas Intermediate later pulled back and was last trading around $102 per barrel, and global benchmark Brent was at $104 per barrel.

The surge in oil prices came after major Middle Eastern oil producers, Kuwait, Iran, and the UAE, cut oil production following the effective closure of the Strait of Hormuz amid the war. The G7 finance ministers are expected to hold a call at 8:30 a.m. EST to discuss potentially.

Elsewhere, investors are looking ahead to a busy week of economic data, including February inflation data on Wednesday, the personal consumption expenditures index, and JOLTs job opening figures for January on Friday.

Additionally, Federal Reserve officials are currently in their pre-meeting blackout period ahead of the March interest rate decision.