Soft earnings growth at the banks and a lack of exposure to the booming AI trade will keep a handbrake on the local sharemarket, fund managers warn.

Markets face more uncertainty after a wave of strikes on Iran over the weekend and Tehran closed the Strait of Hormuz to shipping.

ASX futures climb before Trump threatens Iran with more strikes; Iran closes Hormuz; Brent closes at $US76 a barrel on Friday; $A at US69.84c. Follow live.