A question came up in chat regarding the source of the selling pressure in bond markets. This is the real and only answer:
The source of the selling pressure is the selling pressure that came before it.
Sometimes there is a team of snowball makers strategically rolling snowballs down the hill. Other times there are a few small snowflakes that slip downhill in such a way that they gather more and more similar snowflakes, eventually creating their own sustained, snowball momentum.
What about oil? Oil prices are right in line with April 13th highs, but Treasury yields are another 4bps higher. Because of that discrepancy, we can easily see that oil isn't THE cause of today's sell-off in bonds. But we can say that the surge in oil prices added a few snowflakes higher up on the hill. At this