US stock futures traded muted on Monday as investors assessed a report that Iran has put forward a proposal to reopen the Strait of Hormuz, ahead of a high-stakes week for markets packed with Big Tech earnings.

Contracts on the S&P 500 (ES=F) and the Nasdaq (NQ=F) were broadly flat and up roughly 0.2%, respectively, after closing out last week at record highs. Meanwhile, Dow Jones Industrial Average futures (YM=F) fell 0.1%.

Iran has put forward a new proposal to lift its blockade of the key Hormuz waterway and end the war, but would push nuclear negotiations to a later date, Axios reported.

Fears over inflationary pressures have buffeted markets, given restrictions on global oil and other supply flows threatens to push up prices across a wide range of industries. Efforts to resume peace talks hit the buffers at the weekend, with both sides pulling back.

Crude prices leaned higher, Brent crude futures (BZ=F) holding above $100 a barrel, and West Texas Intermediate (CL=F) topping $95 at last check.

Markets now turn to a pivotal stretch on the calendar. Quarterly results from five of the “Magnificent Seven” megacaps are due this week, and their earnings performance could test the resilience shown by stocks amid the Iran war.