Rising oil prices and a deepening bond market selloff are squeezing the White House, which is bad news for anyone with a mortgage, a car loan, or credit card debt.

• Treasury Secretary Scott Bessent said he doesn't understand why oil prices spiked, blaming short-term "noise."
• The Treasury doubled its government debt buyback program to push down long-term borrowing costs, but yields bounced right back up.
• Bessent argues the market is mispricing bonds and that he has information traders don't — critics call it the government trying to overrule the market.
• Oil keeps climbing as traders bet on tighter Middle East supply, with no talks between the US and Iran on the table.
• The real driver is the war and control of the Strait of Hormuz, plus $40 trillion in national debt and the tariffs still in place.

Outlook: Borrowing costs are likely to stay high until the Iran conflict ends, and there's no sign of that happening before the elections.