* Futures up: Dow 0.83%, S&P 500 1.3%, Nasdaq 1.98%

* Airline, cruise stocks gain as oil prices slide

* Paramount up after DOJ clears Warner Bros acquisition

* CBOE Volatility Index falls to over one-week low

(Updates with prices, analyst comment)

By Twesha Dikshit and Joel Jose

June 15 (Reuters) - U.S. stock futures rose on Monday after

Washington and Tehran reached a preliminary agreement to end the

Iran war and reopen the Strait of Hormuz, as lower oil prices

eased some inflation concerns, supporting bets on a less hawkish

stance from the Fed.

The framework for a deal, however, did not address key

issues such as Iran's nuclear program and the conflict between

Israeland Lebanon. The pact is expected to be formally signed in

Switzerland on Friday.

Crude prices slid more than 5% following the news to hit

their lowest level since March, aiding airlines and cruise

stocks - which are sensitive to energy prices - and hurting

energy shares.

United Airlines rose 5%, while Delta Air Lines

and American Airlines ( AAL ) added 4% each in premarket

trading. Norwegian Cruise and Carnival Corp ( CCL )

advanced 4.1% each.

Shares of oil majors Exxon Mobil ( XOM ) and Chevron ( CVX )

each fell 2.5%.

"The caveat is that markets are pricing in a lasting

improvement in the situation. Any renewed tensions in the Middle

East could quickly reverse some of the recent moves,

particularly in energy markets," said Lale Akoner, global market

analyst at eToro.

The CBOE Volatility Index, considered Wall Street's

fear gauge, slipped to a more than one-week low at 16.77. It had

risen to a more than two-month high the previous week.

Data for May indicated higher energy costs were filtering

into consumer inflation, sharpening focus on the U.S. Federal

Reserve's outlook at its policy meeting due to be held later

this week, which will be Chair Kevin Warsh's first since taking

charge.

A resumption of oil flows from the Middle East could ease

pressure on crude prices, providing policymakers grappling with

inflation some relief.

Traders expect the Fed to leave interest rates unchanged

this week, but have pared back expectations for a 25-basis-point

hike by the end of the year to 70% from fully priced in the

previous week, according to LSEG data.

At 06:37 a.m. ET, Dow E-minis rose 427 points, or

0.83%, S&P 500 E-minis added 90.75 points, or 1.22%, and

Nasdaq 100 E-minis gained 586.25 points, or 1.98%.

SpaceX's shares rose 5.8% after the Elon Musk-led

company ended its blockbuster IPO with a more than $2 trillion

valuation.

Markets were relieved by the smooth trading during SpaceX's

landmark Nasdaq launch, setting a new template for firms and

exchanges bracing for the highly anticipated OpenAI and

Anthropic IPOs later this year.

All three indexes ended the week higher despite AI shares

being pressured earlier. Analysts cited the tech sector's

sensitivity to higher interest rates and potential positioning

ahead of the SpaceX IPO as the selloff's primary drivers.

Chip stocks moved higher in premarket trading. Micron

soared 7.4% after multiple brokerages raised its price target,

while Nvidia ( NVDA ) was up 2%, Intel ( INTC ) added 2.7% and

Marvell Technology ( MRVL ) rose 4.6%.

In other movers, Paramount Skydance's ( PSKY ) shares gained

3.8% after the U.S. Justice Department cleared the company's

acquisition of Warner Bros.