U.S. stock futures fell on Monday as tensions between the United States and Iran escalated, raising investor concerns and pushing oil prices higher, while shares of chipmakers came under selling pressure.

Markets started the week on a tense note after the United States and Iran exchanged attacks, and Tehran announced the closure of the Strait of Hormuz, one of the most vital passages for global energy supplies, according to Reuters.

The latest military developments raised doubts about the future of the interim agreement between the United States and Iran, signed last month to reopen the strait and end the war after 60 days of negotiations.

Crude oil futures rose more than 3 percent as investors assessed the escalating risks threatening this vital shipping lane. Futures of the Nasdaq index, which includes major technology companies, led the declines, while semiconductor stocks were among the biggest losers in premarket trading.

Memory chipmakers' shares fell sharply; Micron Technology declined 5.3 percent, while Western Digital, Seagate, and SanDisk dropped 5.5, 4.3, and 6.5 percent, respectively.

SK Hynix, listed in the U.S., fell 8.1 percent after its strong performance in its first trading session on the Nasdaq on Friday.

The iShares Semiconductor ETF fell 2.6 percent.

Kathleen Brooks, research director at XTB, said: 'These developments indicate that escalating geopolitical tensions and rising oil prices are again hampering market momentum, putting pressure on the tech sector and negatively impacting semiconductor stocks.'

As of 6:58 a.m. ET, Dow Jones futures fell 19 points, or 0.04 percent, S&P 500 futures declined 23.25 points, or 0.31 percent, and Nasdaq 100 futures dropped 283.5 points, or 0.94 percent.

These moves came ahead of a week packed with economic data and corporate earnings, which will test the strength of the U.S. stock market recovery and the resilience of corporate profits.

The S&P 500 has risen more than 10 percent since the start of the year, remaining less than 1 percent below its record high set in early June. The index also posted its second consecutive weekly gain last week, overcoming volatility in chip stocks and renewed US-Iran tensions that brought inflation risks back to the forefront of investors' minds.

Major Wall Street banks, including JPMorgan Chase, Goldman Sachs, and Morgan Stanley, are expected to report their second-quarter financial results this week. Netflix, General Electric, and UnitedHealth will also release their quarterly results.

Data from London Stock Exchange Group expects S&P 500 companies' earnings to grow 23.7 percent in the second quarter compared to the same period last year.

Investors will also watch a series of important economic data, starting with the U.S. Consumer Price Index release on Tuesday, which could reshape market expectations about the interest rate path. Producer price data is due on Wednesday, followed by monthly retail sales data on Thursday.

Federal Reserve Chairman Kevin Warsh is scheduled to deliver his first testimony to Congress on monetary policy on Tuesday, while Fed Governor Christopher Waller will speak later on Monday about the economic outlook. Data from London Stock Exchange Group indicates that markets expect at least a 25-basis-point rate hike by the end of the year.

In stock moves, Deckers Outdoor rose 1.6 percent after Jefferies, a banking and investment services firm, upgraded the footwear maker to 'buy'.