10-year Treasury yield tops 5% after Trump says no Iran deal needed

The post: "We don't need a deal with Iran. Those days have long since passed," Trump wrote on Truth Social. "We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!" In the same post he said he had asked Vice President JD Vance to focus his "complete and total attention" on what he called massive corruption and crime in Democrat-run cities and states, naming Minnesota, California and Illinois. Fox News noted that Trump did not give specific examples or elaborate on his Iran claims, and that it had asked the State Department for clarification.

Oil and the dollar: Brent crude jumped after the post, trading at $96.11 a barrel, up 3.6%, as of 4:00 p.m. ET, according to CNBC, after an intraday high of $96.28. U.S. crude was at $88.95, up 2.8%. Higher oil feeds inflation worries, which push yields up. The dollar index hit a fresh 19-month high of 103.14 earlier Thursday, Reuters said.

Stocks closed lower: After reversing early losses around midday, the major indexes finished lower. The Dow fell 189.40 points, or 0.36%, to 52,297.09; the S&P 500 fell 0.35% to 7,592.40; and the Nasdaq fell 0.39% to 25,366.09, according to CNBC as of 4:10 p.m. ET. The 10-year yield and oil prices were still changing after the stock-market close.

How outlets framed it: CNBC led with the Iran shift and described the corruption push as Trump trying to flip a post-election script. Fox News and the New York Post led with the Vance assignment on blue-state corruption and benefit fraud. Reuters and AP led with markets, treating the post mainly as a driver of oil and bond prices. CNA noted the post came hours after The Wall Street Journal reported that Vance was weighing face-to-face talks with senior Iranian official Mohsen Rezaei, and that Vance had been among Republicans blaming the Iran war for the party's midterm losses.

What's still unknown: Whether the post ends U.S. efforts to negotiate with Tehran or is a negotiating stance; what "we've got their money" refers to; and whether the White House will clarify. Neither the White House nor the State Department had publicly elaborated as of these reports.

The 10-year yield is from CNBC as of 4:09 p.m. ET on Nov. 12; stock indexes and oil prices are from CNBC as of 4:10 p.m. ET and 4:00 p.m. ET, respectively. Stock figures are as of after the 4 p.m. ET close; the U.S. bond market and oil futures were still open, so those readings may change. AP reported a 5.03% yield earlier in the morning. The U.S. bond market was closed Nov. 11 for Veterans Day, so Thursday's move is measured against Tuesday's close. The Wall Street Journal report on Vance and Iran is cited as summarized by CNA and FXStreet.