Dow Jones| Nasdaq | US Stock Market Today | Live: US futures advance as Middle East tensions ease; oil drops

US stock futures advanced sharply on Monday after Washington and Tehran reached a preliminary agreement to end the Iran conflict and reopen the Strait of Hormuz, sending crude oil prices tumbling more than 5% to their lowest since March. The drop in oil eased inflation concerns, reinforcing expectations of a less hawkish Federal Reserve, with the probability of a 25bp rate hike by year-end falling to 70% from near-certainty. Premarket action saw Dow E-minis up 0.83%, S&P 500 E-minis up 1.22%, and Nasdaq 100 E-minis up 1.98%, with airlines and cruise lines surging while energy majors declined.