Munis grew slightly cheaper on Monday, as news from the Middle East drove larger losses in U.S. Treasuries and equities.

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Muni yields rose up to two basis points, depending on the curve. UST yields rose five to seven basis points, with the 20-year and 30-year maturities both passing 5%.

The market’s movements were driven by fears of escalation in the Middle East, according to Chris Brigati, managing director and CIO at SWBC; there’s little news domestically that could cause a significant market reaction, he added. He doesn’t expect the geopolitical tensions to cause similar losses in the muni market unless oil prices or Treasury yields move significantly higher.

“I think the municipal market has hung in pretty well, and that’s a testament to the demand being strong, heavy cash inflows into funds and [exchange-traded funds], and just the overall demand side of the equation being robust,” Brigati said.