A "two-week ceasefire" between the US and Iran has led to oil prices posting their largest drop in nearly six years, with global stock markets surging and expectations for a Federal Reserve rate cut rekindled.

Trump: US can easily resume military action against Iran if negotiations fail; Vance: "Fragile ceasefire" foundation preliminarily formed.

Largest shipowners' association: Waiting for technical guidance on passage through the Strait of Hormuz, not recommending departure without consultation with the US and Iran.

Qatar has begun resuming liquefied natural gas production after the ceasefire.

Saudi Arabia's key east-west oil pipeline was attacked by drones.

Delta Air Lines' pre-market stock surged over 12% after the company's first-quarter earnings report exceeded expectations.

Dell CEO: AI memory demand will surge 625-fold, supply shortages will continue for several years.

Nikkei 225 index closed up 5.4%, Shanghai Composite closed up 2.7%; Hang Seng Index closed up 3.09%.