* Futures up: Dow 2.52%, S&P 500 2.66%, Nasdaq 3.5%

* Oil stocks tumble as crude prices slump over 13%

* Airlines, cruise operators rally on lower oil prices

(Updates with prices)

By Johann M Cherian and Purvi Agarwal

April 8 (Reuters) - Wall Street stock index futures rose

more than 2% across the board on Wednesday after the U.S. and

Iran agreed to a two-week ceasefire, sending crude prices lower

on expectations that energy supplies through the Strait of

Hormuz could resume.

The announcement came less than two hours before U.S.

President Donald Trump's deadline, marking a sharp turnaround

from his earlier warning of wiping out "a whole civilization" if

Tehran did not reopen the Strait, the narrow waterway that

typically handles about one-fifth of global oil trade.

Global assets staged a sharp rally: equity indexes in the

Asian and European markets climbed between 4% and 5%, while

crude prices slid 13.7% to nearly $94.23 a barrel.

"The rally will need to be backed up by tangible progress in

negotiations to hold. The underlying question of whether Iran

will permanently reopen the Strait of Hormuz and whether a

lasting deal can be reached is still very much unresolved," said

Josh Gilbert, market analyst for eToro.

"If the two weeks pass without a deal, expect a sharp and

unforgiving reversal of this relief rally."

The ceasefire brought immediate relief to investors after

weeks of conflicting signals from Trump and Iran, dragging the

conflict into a second month.

At 06:35 a.m., Dow E-minis were up 1,181 points, or

2.52%, S&P 500 E-minis were up 176.75 points, or 2.66%

and Nasdaq 100 E-minis were up 852.25 points, or 3.5%.

Futures tracking the rate-sensitive Russell 2000 Index

jumped 3.7%, while the CBOE Volatility Index

slumped 5.29 points to 20.49, its lowest point in more than two

weeks.

U.S. energy stocks tracked global oil prices and tumbled in

premarket trading. Shares of Exxon Mobil ( XOM ) shed 5.6%,

Chevron ( CVX ) dropped 4.7%, and Occidental Petroleum ( OXY )

lost 7.1%.

Stocks linked to travel and leisure sectors edged higher.

Shares of American Airlines and United Airlines

jumped 8.6% and 9.8%, respectively, while cruise operators

Carnival and Norwegian Cruise Line ( NCLH ) added 10.2%

and 8.8%, respectively.

Big banks also nudged higher, with JPMorgan Chase ( JPM ),

Bank of America ( BAC ) and Wells Fargo ( WFC ) up more than

2.4% each.

Concerns lingered that soaring energy costs could weigh on

economic growth and complicate the Federal Reserve's monetary

policy trajectory. In March, the benchmark S&P 500 posted

its biggest monthly fall in a year.

Interest-rate futures show investors see a 56% chance of a

25-basis-point cut by the end of 2026, according to

LSEG-compiled data, compared to expectations of no easing this

year, a day ago.

Before the war erupted, traders were betting on at least

two 25-basis-point interest rate cuts this year.

Later in the day, investors will parse comments from Fed

policymakers Mary Daly and Christopher Waller, and minutes from

the central bank's March 17-18 meeting.

Markets will also be looking forward to analyzing the local

inflation readings later in the week for signs of whether the

elevated crude prices during the war have added to price

pressures.

Levi Strauss gained 11.6% in premarket trading

after the denim apparel maker raised its annual sales and profit

forecasts.