S&P 500 and Nasdaq futures edged higher Thursday as gains in chip stocks helped offset renewed geopolitical jitters after fresh U.S. strikes on Iran threatened to prolong a four-month conflict and keep markets volatile.

The U.S. military said on Wednesday it had launched new strikes on Iran to keep the Strait of ‌Hormuz open to shipping. Iran responded with attacks on Kuwait and Bahrain, deepening a confrontation that risks derailing ​already fragile ceasefire efforts.

The escalation came hours after President Donald Trump said he believed an interim ceasefire with Iran was "over."

Oil futures were volatile, last rising about 1% after easing earlier in the session. ⁠Prices had climbed to two-week highs on Wednesday following Trump's remarks.

"The path toward a lasting peace deal is ​likely to be bumpy, with periodic flare-ups in tensions potentially triggering bouts of market volatility. But we also believe that ⁠both sides remain incentivized to keep the Strait of Hormuz open," said Mark Haefele, chief investment officer at UBS Global Wealth Management.

In premarket trading, IBM and Microsoft fell 3.8% and 1.5%, respectively. A report said Starbucks had tapped AI to reduce its reliance on both companies. The declines weighed on Dow ‌futures.

Other software shares also slipped, with ServiceNow and Adobe down 3.8% and 3%, respectively.

Meta Platforms fell 1.2% ​after Reuters reported citing an ‌internal memo that the company plans to make an artificial intelligence chip from September.

Chip stocks provided some support to futures, with the iShares Semiconductor ETF gaining 2.4%.

Still, sentiment toward ‌AI-linked stocks has come under pressure in recent sessions amid concerns about the durability of a rally that has helped drive Wall Street gains this year, while Middle East tensions simmered in the background.

Wall Street pointed to a higher open Thursday, led by another strong move in technology stocks. Nasdaq futures rose 260.50 points, up 0.88%, while S&P 500 futures gained 16.25 points, up 0.22%. Dow futures were little changed, up 5 points, while Russell 2000 futures advanced 8.80 points, up 0.30% as of 8:57 a.m. EST.

The renewed tensions forced stock investors to reassess recent optimism that an eventual resolution could support ⁠risk assets. The ⁠S&P 500 and Dow ended Wednesday's session lower, while the Nasdaq eked out a marginal gain.

Under new Chair Kevin Warsh, the Federal Reserve kept interest rates unchanged at its ‌June meeting, but minutes released on Wednesday showed a few policymakers saw a case for raising borrowing costs before ultimately agreeing to hold steady.

"While policymakers are likely to maintain their hawkish stance for a while longer, the rhetoric should start to soften once they ‌are more confident ​that second-round inflation effects are limited," Haefele ‌said.

Traders are pricing in at least one 25-basis-point rate hike by the end of the year, according to LSEG data.

Investors will watch the weekly jobless claims report at 8:30 a.m. ET for further clues ​on the health of the economy, while New York Fed President John Williams is scheduled to speak later in the day.

Levi Strauss slipped 4.4%, even after the denim maker raised its annual sales forecast.