S&P 500 Futures gained 0.4% to 6,705.50 points by 01:25 GMT. Nasdaq 100 Futures added 0.3% to 24,640.0 points, while Dow Jones Futures advanced 0.5% to 46,954.0 points

U.S. stock index futures rose on Thursday evening, tracking a decline in oil prices after the country announced more waivers on Russian crude to offset the impact of the Iran war.

The treasury department issued a 30-day notice letting countries buy Russian oil put out to sea before March 12, offering some relief to markets battered by concerns over a looming oil shortage. Oil dropped 1% on the news, with Brent briefly dropping back below $100/barrel. While oil did recover in Asian trade on Friday, markets held out for more relief measures.

A measure of bargain buying also aided local stock market after anxiety over the U.S.-Israel war on Iran drove deep losses during Thursday’s session. The inflationary impact of high oil prices was a key pain point for markets.

S&P 500 Futures gained 0.4% to 6,705.50 points by 01:25 GMT. Nasdaq 100 Futures added 0.3% to 24,640.0 points, while Dow Jones Futures advanced 0.5% to 46,954.0 points.

Among major aftermarket movers, Adobe Systems slipped more than 7% after it said long-time CEO Shantanu Narayen will step down from the role, largely overshadowing strong earnings from the software maker.

Markets took some support from U.S. president calling for immediate interest rate cuts, although such a move from the central bank appeared unlikely.

Stock indexes dropped sharply on Thursday amid renewed concerns over the inflationary impact of high oil prices, as the U.S.-Israel war with Iran showed few signs of de-escalation.

The S&P 500, NASDAQ Composite, and Dow Jones Industrial Average dropped between 1.5% and 1.8% in a broad selloff.

Losses came tracking a surge in oil prices, with Brent rising back past $100/barrel after Iran signalled it will continue to block the Strait of Hormuz, a key shipping lane for oil.

Markets feared that higher oil prices will factor into steeper inflation in the coming months– a scenario that is likely to deter the U.S. central bank from cutting interest rates further.

This notion sparked deep losses in risk assets and in markets sensitive to interest rates, with gold also losing ground despite being a safe haven asset.