Oil Price Surge Mutes US Stock Futures After S&P 500 Record Close

U.S. stock index futures were subdued on Friday following a record close for the S&P 500 the previous day, as rising crude prices due to tensions in the Middle East kept investors cautious.

The latest developments in the region sent Brent crude futures higher on Friday, despite cooling rate-hike expectations and resilient corporate earnings that have put the S&P 500 and the Nasdaq on track for a third straight week of gains since early April.

Expectations for a September rate hike eased this week after a benign consumer inflation reading helped alleviate concerns about price pressures. However, rising tensions in the Middle East tempered sentiment and affected market performance.