* Futures up: Dow 0.9%, S&P 500 1.23%, Nasdaq 2.07%

* Paramount rises after DOJ clears Warner Bros acquisition

* Fox drops after $22 billion deal for Roku ( ROKU )

* CBOE Volatility Index falls to over one-week low

(Updates before market open)

By Twesha Dikshit and Joel Jose

June 15 (Reuters) - Wall Street's main indexes were on track

to open higher on Monday after Washington and Tehran reached a

preliminary agreement to end their war and reopen the Strait of

Hormuz, leading to a sharp decline in crude prices.

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 tumbled more than 5% following the news and hit

their lowest level since March, aiding energy-sensitive airline

and cruise stocks and hurting energy shares.

United Airlines rose 4.5%, while Delta Air Lines

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

trading. Norwegian Cruise and Carnival Corp ( CCL )

advanced 4% each.

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

fell 3%each.

"The hope is that maybe with some pressure off of

inflation... at some point, the Federal Reserve may be able to

cut interest rates," said Robert Pavlik, senior portfolio

manager at Dakota Wealth.

"I think that's a bit of a stretch, but I think that's

helping. You're seeing that being reflected in Treasury yields

and so this is a much better environment for equities going

forward."

The CBOE Volatility Index, considered Wall Street's

fear gauge, slipped to a more than one-week low at 16.65. It had

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

Markets saw volatility as AI stocks were strained after a

strong run that lifted the three indexes to record highs.

Analysts attributed the selloff to the tech sector's sensitivity

to higher interest rates and potential positioning ahead of the

SpaceX IPO.

Last week's inflation data showed higher energy costs

filtering into consumer inflation for May, sharpening focus on

the U.S. Federal Reserve's outlook at its policy meeting, due

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

crude prices, giving policymakers grappling with inflation a

slight reprieve.

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 08:24 a.m. ET, Dow E-minis rose 459 points, or

0.9%, S&P 500 E-minis were up 91.5 points, or 1.23%, and

Nasdaq 100 E-minis gained 614 points, or 2.07%.

SpaceX's shares rose 5.4% 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 companies and

exchanges bracing for the highly anticipated OpenAI and

Anthropic IPOs later this year.

Chip stocks moved higher in premarket trading. Micron

soared 8% after multiple brokerages raised its price targets,

while Nvidia ( NVDA ) was up 1.4%, Intel ( INTC ) added 3.3% and

Marvell Technology ( MRVL ) rose 5.1%.

Paramount Skydance's ( PSKY ) shares gained 4% following the

U.S. Justice Department clearancefor its Warner Bros

acquisition.

Fox tumbled 13.1% after the company said it would

buy Roku ( ROKU ) in a $22 billion deal. The streaming platform

added 1.7%.