Wall Street futures fell Monday, as a fresh escalation between Iran and the U.S. in the Gulf rattled investors and sent oil prices higher, while chip stocks came under pressure.

Markets started the week on a dour note as Iran and the U.S. exchanged attacks in the ‌Gulf and Tehran claimed it had closed the Strait of Hormuz, a vital conduit for global ​energy supplies.

The latest hostilities cast doubt on an interim U.S.-Iran agreement signed last month that aimed to reopen the strait and end the war after 60 days of negotiations.

Crude futures rose ⁠more than 3% after investors weighed the renewed threat to the key shipping route. Tech-heavy Nasdaq futures led declines, ​with semiconductor stocks among the biggest premarket losers.

Memory-chip makers fell sharply, with Micron Technology down 5.3%, while Western Digital, ⁠Seagate and Sandisk dropped 5.5%, 4.3% and 6.5%, respectively.

U.S.-listed shares of SK Hynix fell 8.1% after a blockbuster Nasdaq debut on Friday.

The iShares semiconductor ETF fell 2.6%.

"This suggests that the rise in geopolitical tensions and the spike in the oil price are disrupting the momentum trade once again, ‌which will hit the tech trade and the chip stock rally," said Kathleen Brooks, research director at ​XTB.

As of 9:12 a.m. EST, S&P 500 futures fell 21.50 points, or 0.28%, to 7,598.75. Dow futures slipped 9 points, or 0.02%, to 52,897, while Nasdaq futures dropped 293 points, or 0.98%, to 29,739.25.

The moves ‌came ahead of a busy week of economic data and corporate earnings that could test the resilience of the U.S. equity rally and the health of corporate America.

The S&P 500 is up more than 10% ⁠this year and less than 1% below its early-June ‌record close. The benchmark posted a second ⁠straight weekly gain last week, overcoming volatility in semiconductor shares and renewed U.S.-Iran tensions that put inflation risks back in focus.

Major Wall Street banks, including ⁠JPMorgan ⁠Chase, Goldman Sachs and Morgan Stanley, will kick off second-quarter earnings this week. Netflix, General Electric and UnitedHealth are also due to report.

S&P 500 earnings are expected to ‌rise 23.7% in the second quarter from a year earlier, according to LSEG I/B/E/S.

Investors will also parse several key economic reports, starting off with Tuesday's U.S. consumer price index, an inflation reading that could reset expectations for the path of interest rates. ‌Producer prices ​and monthly retail sales data are due ‌on Wednesday and Thursday, respectively.

On Tuesday, Fed Chair Kevin Warsh is expected to deliver his first monetary policy testimony before Congress. Fed Governor Christopher Waller is scheduled to speak later on Monday on ​the economic outlook.

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

Among other movers, Deckers Outdoor added 1.6%, as Jefferies upgraded the footwear maker's rating to "buy."