Shares of industrial and transportation companies ticked down as traders awaited the latest development in the Middle East.

Oil prices moved lower on Wednesday as investors weighed the prospect of a U.S.-Iran agreement that could restore shipping through the Strait of Hormuz.

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.

Traders buoyed by talk of deal to reopen Strait of Hormuz

Shares of industrial and transportation companies ticked down as traders awaited the latest development in the Middle East.

By Robert Schroeder and Joseph Adinolfi

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.