Hormuz Progress Weighs Down Oil Prices Amid U.S. Inflation Fears

U.S. stock index futures rose slightly on Tuesday as signs of progress toward reopening the Strait of Hormuz weighed down oil prices.

Talks between Oman and Iran over shipping in the crucial waterway are now in an advanced stage, according to Qatar's foreign ministry spokesperson.

Brent crude futures turned negative after gaining 2% to cross one-week highs earlier in the session. Rising energy costs have spurred inflation concerns and chances of increased interest rates around the world.