Brent crude futures are up more than 1% as Iran's grip on the Strait of Hormuz loosens, leading to rebounding oil exports from the region, which should help ease a supply crunch. However, this also raises the risk that Tehran will resort to military escalation to bolster its position. Meanwhile, Treasury yields have eased after hitting fresh highs yesterday, and U.S. stock futures are muted, with the Dow industrials looking likely to open a touch lower.