U.S. stock futures fell on Monday, as tensions escalated between the United States and Iran, which sparked investor concerns and drove oil prices higher, while shares of chip manufacturers faced selling pressure.

The markets started the week in a tense atmosphere, 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, which was signed last month with the aim of reopening the strait and ending 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 for the Nasdaq index, which includes major technology companies, led the decline, while semiconductor stocks were among the biggest losers in pre-market trading.

Shares of memory chip makers fell sharply; Micron Technology stock fell 5.3 percent, while Western Digital, Seagate, and SanDisk dropped 5.5, 4.3, and 6.5 percent, respectively.

SK Hynix, listed in the United States, also 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 hindering market momentum again, putting pressure on the technology sector and negatively impacting semiconductor stocks.'

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

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

The S&P 500 index 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 straight weekly gain last week, overcoming volatility in chip stocks and renewed tensions between the United States and Iran, which brought inflation risks back to the forefront of investor attention.

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

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

Investors will also watch a set of important economic data, starting with the release of the U.S. Consumer Price Index on Tuesday, which could reshape market expectations about the path of interest rates. Producer price data will be released 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. London Stock Exchange Group data 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 manufacturer to 'Buy'.