NEW YORK - Equity indexes advanced across the globe on Monday while petroleum costs retreated following a preliminary accord between the United States and Iran to prolong their truce and restore passage through the Strait of Hormuz.

The S&P 500 gained 1.7 percent amid optimism that the latest announcement could deliver lasting stability to a dispute that has fueled worldwide inflation. The Dow Jones Industrial Average advanced 468 points, or 0.9 percent, reaching a fresh peak, and the Nasdaq composite surged 3.1 percent.

Share prices received support after Brent crude dropped 4.8 percent to 83.17 dollars per barrel, returning to levels seen in early March. Although still higher than the roughly 70 dollars recorded before the conflict, the price sits below the 100-dollar threshold observed only weeks earlier. Analysts hope reduced energy expenses will ease burdens on consumers and firms facing elevated costs for groceries, transportation and agricultural inputs.

Tehran endorsed the framework, yet it omits final terms on matters such as the Iranian nuclear initiative. Talks on those topics are slated to extend another 60 days, creating room for setbacks. Even with an anticipated reopening of the strait on Friday, industry observers expect several months before energy supplies fully normalize.

Nevertheless, optimism spread rapidly through trading venues around the world.

On Wall Street, firms facing heavy fuel expenses posted immediate gains. United Airlines shares increased 3.9 percent, while Royal Caribbean Group advanced 6.6 percent.

Technology names tied to artificial intelligence also rose. These equities have fluctuated sharply in recent sessions after earlier record-setting climbs. Observers worry valuations may have stretched too far amid enthusiasm for the sector, producing rapid reversals.

Micron Technology jumped 10.8 percent and Advanced Micro Devices gained 7 percent. Nvidia contributed the largest lift to the S&P 500 with a 3.5 percent increase, reflecting its status as the index's heaviest component.

SpaceX, the aerospace firm led by Elon Musk that also controls the AI venture xAI, climbed 19.6 percent in its second trading session. The debut underscored continued investor appetite for artificial-intelligence themes, pushing the company's valuation above 2.1 trillion dollars and surpassing the combined worth of Exxon Mobil, Bank of America and Coca-Cola.

In fixed-income markets, Treasury yields declined on expectations that softer oil prices will reduce pressure on central banks to tighten policy further.

The 10-year Treasury yield eased to 4.47 percent from 4.48 percent at Friday's close.

Europe's central bank last week became the first major institution to lift rates in response to the conflict. Elevated borrowing costs can curb price pressures yet also restrain growth and weigh on asset values, particularly high-priced sectors such as AI that some view as overextended.

The Federal Reserve is scheduled to release its next policy decision later this week under new leadership. Market participants widely anticipate no change to the benchmark rate following the two-day gathering concluding Wednesday.

Investors had increased wagers on possible rate increases this year given persistent inflation and labor-market strength. The tentative accord now lowers the implied probability of a hike to 57 percent from 71 percent a week earlier, based on CME Group figures.

Elsewhere, Roku declined 1.9 percent after Fox Corp. disclosed plans to acquire the streaming company in a cash-and-stock transaction valued near 22 billion dollars.

Roku shares had already risen 20 percent on Friday following initial reports of the transaction, which grants Fox access to the Roku platform, viewer data and more than 100 million households worldwide. Fox shares dropped 16.8 percent.

In summary, the S&P 500 added 122.83 points to finish at 7,554.29. The Dow Jones Industrial Average rose 468.77 points to 51,671.03, while the Nasdaq composite gained 795.10 points to reach 26,683.94.

Overseas benchmarks also advanced in Asia and Europe. Japan's Nikkei 225 surged 5 percent to a record close.

"This is great news," said Takashi Hiroki, chief strategist at Monex. "Foreign buying is driving the rally on hopes of reduced tensions in the Middle East."

South Korea's Kospi climbed 5.2 percent, aided by continued strength in AI-related names such as Samsung Electronics.

London's FTSE 100 bucked the trend and slipped 0.4 percent.

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AP Business Writers Matt Ott and Elaine Kurtenbach along with Senior Producer Mayuko Ono contributed to this report.