U.S. stock index futures rose ahead of a key U.S. inflation report for July. Meanwhile, oil prices rose due to the ongoing standoff between the U.S. and Iran. Former U.S. President Donald Trump said late Tuesday that the situation with Iran was "going along very well" and claimed that U.S. forces controlled the key Strait of Hormuz. "Donald Trump told reporters, "We own it. At some point, maybe they'll do something, and then they'll be blown out of the water."