S&P 500 futures
 were slightly higher on Tuesday as investors weighed signs of progress toward reopening the Strait of Hormuz against lingering doubts that the U.S. and Iran can reach a broader resolution to the conflict.

Futures linked to the broad market index rose 0.2%, while Nasdaq-100 futures
 gained 0.4%. Futures tied to the Dow Jones Industrial Average
 added 47 points, or 0.1%

The premarket moves come as oil prices held steady amid uncertainty over the Middle East conflict.

Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S. until several conditions are met.

Iranian Foreign Minister Abbas Araghchi said Sunday there was “no possibility of restarting negotiations” as long as the U.S. continues violating the June memorandum of understanding and does not compensate Iran for those violations, according to the semi-official Tasnim News Agency.

U.S. West Texas Intermediate futures were marginally lower at $82 a barrel. International benchmark Brent crude was also slightly lower at $87 a barrel.

In Asia, South Korea’s Kospi
 closed 0.73% higher, while Australia’s benchmark S&P/ASX 200 added 0.19%. Hong Kong’s Hang Seng index was down 1.03% and the mainland CSI 300 was down 0.79%. Japan markets are closed for a holiday.

European stocks advanced marginally amid waning investor optimism of an imminent reopening of the Strait of Hormuz.

London’s FTSE 100, France’s CAC 40 and Germany’s DAX were all below the flatline in early trade. 

Investors will next turn to a key batch of inflation data, with the July consumer price report due Wednesday and the producer price index out Thursday. The readings could prove particularly important after a weak jobs report complicated the Fed’s outlook.

The inflation reports could put the Fed in a difficult position. Higher oil prices are renewing concerns about price pressures just as the sharp slowdown in hiring raises questions about the strength of consumer spending and the broader economy.