Treasury yields were little changed on Friday as investors closely monitored Middle East developments on the final trading day of the month, amid signs that a lasting U.S.-Iran ceasefire agreement could now be in sight.

The 10-year U.S. Treasury note yield — the key benchmark for mortgages, auto loans and credit card debt — was unmoved at 4.4551%. The 2-year Treasury note yield, which is typically more sensitive to short-term Federal Reserve interest rate decisions, was also flat at 4.0308%.

Meanwhile, the longer-dated 30-year Treasury bond yield, which tends to react mainly to geopolitical risks, was also unchanged at 4.9796%.

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

Borrowing costs fell during Thursday's session, with 10-year Treasury yields sliding more than 3 basis points as energy prices eased on reports that Washington and Tehran have largely agreed on the terms of a 60-day memorandum of understanding to extend the ceasefire.

The deal, which also involves negotiations on Iran's nuclear program, still needs sign-off from President Donald Trump.

Prices of West Texas Intermediate futures are now below $90 a barrel, sliding 0.35% in early dealmaking Friday to $88.59, while Brent — the international oil price benchmark — was last seen 0.31% lower at $93.49 a barrel.

The retreat comes after traders probed several data releases on Thursday that suggested inflation remains a key concern for the U.S. economy. Most notably, the personal consumption expenditures price index — the Fed's preferred inflation gauge — was up 3.8% year-on-year in April.

There are no new economic data releases expected on Friday.