Stock futures were set to open up while oil prices pulled back on renewed optimism that the U.S and Iran are closing in on a deal that would reopen the Strait of Hormuz.
Brent is headed for its biggest monthly drop since May 2020 after falling nearly 18% through Thursday.
Treasury Secretary Scott Bessent said a deal to end the war was within reach Thursday, though President Trump has yet to approve any agreement.
It's unclear how quickly traffic through the strait could normalize if Iran needs to clear mines, MUFG Bank said.
A host of Federal Reserve speakers Friday will be watched closely for clues to the central bank's response to crucial inflation data released Thursday.
