U.S.-Iran Deal Eases Oil Prices, Lifts Global Stocks

Global stock markets rose after the United States and Iran reached a tentative agreement to extend their ceasefire and reopen the Strait of Hormuz to crude shipments. The S&P 500 gained 1.9 percent, the Dow Jones Industrial Average rose 705 points, and the Nasdaq composite increased 3 percent in afternoon trading.

Oil prices eased after the announcement. Brent crude fell 4.8 percent to $83.14 a barrel, returning to levels last seen in early March.

Australian share futures pointed to a 1.5 percent decline at the open, reversing a 1.3 percent gain recorded the previous session. The Reserve Bank is scheduled to announce its interest-rate decision later in the day, with markets expecting no change.

Airline and cruise stocks advanced on lower fuel-cost expectations. United Airlines rose 4.7 percent, American Airlines gained 3.3 percent, and Carnival increased 3.6 percent. Artificial-intelligence-related shares also climbed. Micron Technology rose 9.8 percent, Advanced Micro Devices gained 7.2 percent, and Nvidia increased 3.6 percent.

SpaceX shares rose 14.2 percent in their second day of trading, bringing the company's market value above $2.1 trillion.

Treasury yields eased to 4.47 percent.

Traders now assign a 58 percent probability to a Federal Reserve rate increase this year, down from 71 percent a week earlier. Iran confirmed the agreement but said implementation would begin only after formal signing, which Pakistan indicated would occur Friday in Switzerland.

Further talks on Iran's nuclear program are expected over the next 60 days. Roku shares fell 0.9 percent after Fox announced a $22 billion cash-and-stock purchase of the streaming company. Fox shares declined 16.1 percent. Asian indexes finished higher, with Japan's Nikkei 225 rising 5 percent to a record close and South Korea's Kospi gaining 5.2 percent.