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Happy Tuesday. Stock futures were mixed early Tuesday as Wall Street looked to rebound after a losing session.

Markets finished lower Monday as rising crude oil prices and surging Treasury yields renewed concerns about inflation and borrowing costs after the U.S. rejected Iran’s terms for reopening the Strait of Hormuz.

U.S. Treasury yields eased early Tuesday after reaching fresh highs during the previous session amid persistent concerns over inflationary pressures, CNBC reported. Oil prices were also retreating.

U.S. and Iranian officials held separate indirect talks with mediators on Monday, according to Reuters.

Iranian Foreign Minister Abbas Araghchi, who remained in New York after attending the United Nations General Assembly, said Iran expected to receive the U.S. response to its latest ceasefire proposals and its conditions for restoring the passage of maritime traffic through the Strait of Hormuz, state news agency IRNA reported.

U.S. officials separately spoke with mediators on Monday, President Donald Trump told reporters at the White House, without providing further details.

“Geopolitical developments remain very headline driven and revolve around the prospect of a peace deal,” said Kyle Rodda, senior financial market analyst with Capital.com.

“The Iranians seem to be increasingly losing leverage as they lose control of the Strait of Hormuz and as isolation tactics by the U.S. put a squeeze on the Iranian economy.”

“Some energy analysts suggest oil flows out of the Persian Gulf have reverted to more than 90% of their pre-war levels, potentially explaining Iran’s stronger motivation to make a deal and the Trump administration’s stubbornness and reluctance to compromise.”