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* Futures up: Dow 0.25%, S&P 500 0.33%, Nasdaq 0.58%

May 5 (Reuters) - U.S. stock index futures advanced on

Tuesday, signaling a recovery in equities as oil prices ticked

lower even as renewed tensions in the Middle East threatened to

upend a fragile truce after the U.S. and Iran exchanged fire ​in

the Gulf.

Markets are being pulled in opposite directions by the

conflict and the rapidly shifting situation on the ground. While

some investors believe worst-case scenarios are still not fully

priced in, others argue the focus should remain on underlying

economic fundamentals and strong earnings.

Moves have been volatile as a result, vulnerable to sudden

reversals as new and often conflicting headlines emerge.

At 5:35 a.m. ET, Dow e-minis gained 124 points, or

0.25%, S&P 500 E-minis rose 23.75 points, or 0.33%, and

Nasdaq 100 E-minis added 160 points, or 0.58%.

Brent crude futures were down 1.35%, but still

trading above $110 a barrel.

"U.S. earnings are on a roll. The broader earnings backdrop

looks healthy as well," BlackRock Investment Institute analysts,

led by Global Chief Investment Strategist Wei Li, said in a

note.

However, they warned that "even U.S. equities won't be

insulated" if the crucial oil shipping route through the Strait

of Hormuz does not open.

Being a net energy exporter, the U.S. has held up better

than economies that rely on imports, with the benchmark S&P 500

and the Nasdaq Composite hitting record highs in

recent days.

Meanwhile, shares of Pinterest ( PINS ) jumped 16.1% in

premarket trading after the image-sharing platform forecast

second-quarter revenue above analysts' estimates.

Intel ( INTC ) rose 3.8% after a Bloomberg News report that

Apple ( AAPL ) had held exploratory discussions about using

Intel ( INTC ) and Samsung Electronics ( SSNLF ) to produce

the main processors for its devices.

Investors now await the U.S. Labor Department's latest Job

Openings and Labor Turnover Survey, ⁠or JOLTS report, due to be

released at 10 a.m. ET.