Updates with prices, analyst comment

By Twesha Dikshit and Joel Jose

June 15 (Reuters) - U.S. stock futures rose on Monday after Washington and Tehran reached a preliminary agreement to end the Iran war and reopen the Strait of Hormuz, as lower oil prices eased some inflation concerns, supporting bets on a less hawkish stance from the Fed.

The framework for a deal, however, did not address key issues such as Iran's nuclear program and the conflict between Israel and Lebanon. The pact is expected to be formally signed in Switzerland on Friday.

Crude prices slid more than 5% following the news to hit their lowest level since March, aiding airlines and cruise stocks — which are sensitive to energy prices — and hurting energy shares.

United Airlines UAL.O rose 5%, while Delta Air Lines DAL.O and American Airlines AAL.O added 4% each in premarket trading. Norwegian Cruise NCLH.N and Carnival Corp CCL.N advanced 4.1% each.

Shares of oil majors Exxon Mobil XOM.N and Chevron CVX.N each fell 2.5%.

"The caveat is that markets are pricing in a lasting improvement in the situation. Any renewed tensions in the Middle East could quickly reverse some of the recent moves, particularly in energy markets," said Lale Akoner, global market analyst at eToro.

The CBOE Volatility Index .VIX, considered Wall Street's fear gauge, slipped to a more than one-week low at 16.77. It had risen to a more than two-month high the previous week.

Data for May indicated higher energy costs were filtering into consumer inflation, sharpening focus on the U.S. Federal Reserve's outlook at its policy meeting due to be held later this week, which will be Chair Kevin Warsh's first since taking charge.

A resumption of oil flows from the Middle East could ease pressure on crude prices, providing policymakers grappling with inflation some relief.

Traders expect the Fed to leave interest rates unchanged this week, but have pared back expectations for a 25-basis-point hike by the end of the year to 70% from fully priced in the previous week, according to LSEG data.

At 06:37 a.m. ET, Dow E-minis YMcv1 rose 427 points, or 0.83%, S&P 500 E-minis EScv1 added 90.75 points, or 1.22%, and Nasdaq 100 E-minis NQcv1 gained 586.25 points, or 1.98%.

SpaceX's SPCX.O shares rose 5.8% after the Elon Musk-led company ended its blockbuster IPO with a more than $2 trillion valuation.

Markets were relieved by the smooth trading during SpaceX's landmark Nasdaq launch, setting a new template for firms and exchanges bracing for the highly anticipated OpenAI and Anthropic IPOs later this year.

All three indexes ended the week higher despite AI shares being pressured earlier. Analysts cited the tech sector's sensitivity to higher interest rates and potential positioning ahead of the SpaceX IPO as the selloff's primary drivers.

Chip stocks moved higher in premarket trading. Micron MU.O soared 7.4% after multiple brokerages raised its price target, while Nvidia NVDA.O was up 2%, Intel INTC.O added 2.7% and Marvell Technology MRVL.O rose 4.6%.

In other movers, Paramount Skydance's PSKY.O shares gained 3.8% after the U.S. Justice Department cleared the company's acquisition of Warner Bros WBD.O.