US stock index futures jumped after Washington and Tehran reached an interim deal to reopen the Strait of Hormuz.

Oil prices slumped, with Brent crude tumbling toward $83 a barrel.

The deal's impact on inflation is significant, as it comes at a crucial time with interest-rate decisions due this week from the Federal Reserve.

A stable resolution in the Middle East could prompt the bond market to unwind Fed rate-hike bets, with the S&P 500 rebounding late last week after President Donald Trump signaled the possibility of a deal, and SpaceX shares jumping in premarket trading.