* US and Iran agree to peace deal, to open Strait of Hormuz

* Wall St futures jump, Nikkei futures surge

* US dollar eases as Treasury yields fall

* Markets pare risk of interest-rate hikes globally

(Adds analyst comment, share indices)

By Wayne Cole

SYDNEY, June 15 (Reuters) - Share markets surged in Asia on

Monday while the dollar slipped and oil prices tumbled as a

tentative peace deal between the United States and Iran promised

to ease inflationary pressures globally and lessen the need for

higher interest rates.

Pakistani Prime Minister Shehbaz ​Sharif said on social

media early on Monday that a deal had been struck, while

President Donald Trump said the agreement included opening the

vital Strait of Hormuz, though without giving details.

Trump will meet with Middle Eastern leaders and attend a

working session with Ukrainian President Volodymyr Zelenskiy

during a G7 summit in France this week.

Iran said traffic through the strait would be regulated by

it and Oman, a potential blow to the rules of free trade and

suggesting there might be a toll of some sort on shipping.

"The lack of details especially on freedom of shipping is a

concern but not one that should constrain markets today as the

surge in risk appetite plays out," said Sean Callow, a senior FX

analyst at ITC Markets.

"The prospect of a sustained fall in energy prices changes

the conversation for central banks just ahead of a flurry of

policy decisions."

The news will be a relief for the crowd of central banks

meeting this week, easing some of the pressure to tighten policy

to head off an energy-driven rise in inflationary expectations.

Markets had already priced in a likely deal but the

confirmation was enough to send Brent crude falling 4%

to $83.80 a barrel, well away from its May peak of $126.41.

U.S. crude slid 4.7% to $80.89 a barrel, but was still

above the $67 level it traded at before the war began.

"We see Brent oil futures falling to $80 by the end of the

year assuming the strait does not close again," said Vivek Dhar,

a mining and energy analyst at CBA.

"Our forecast implicitly assumes that oil and refined

product exports can resume quickly through the Strait of Hormuz,

but this view carries considerable uncertainty tied to the

damage to oil and refinery assets."

The prospect of cheaper oil will be a boon to Japan which is

a net importer of energy, and the Nikkei climbed 3.0%.

South Korea's red-hot market gained 4.3%, while MSCI's

broadest index of Asia-Pacific shares outside Japan

rose 1.5%.

RELIEF FOR CENTRAL BANKS

In Europe, EUROSTOXX 50 futures and DAX futures

both rose 0.2%, while FTSE futures added 0.3%.

S&P 500 futures climbed 0.9%, while Nasdaq futures

jumped 1.5% amid a general surge in risk assets.

Central banks are due to meet in the U.S., UK, Japan,

Australia, Switzerland, Sweden, Norway and Russia this week,

with Japan considered the one likely to lift rates this time.

The Federal Reserve is widely expected to leave rates at

3.50%-3.75% on Wednesday at Chair Kevin Warsh's debut meeting.

The statement, economic projections and news conference will be

scrutinised for any signals of the Fed dropping its easing bias

as officials grow more hawkish on inflation risks.

Investors were quick to trim the chance of a hike this year

with December futures edging up four ticks while a move

as early as October is now priced around 45%.

Treasuries rallied on hopes that oil prices would now fall

sustainably and lessen the upside risks for inflation. Yields on

2-year notes dropped 6 basis points to 4.02%.

The drop in yields and general improvement in risk pulled

the U.S. dollar broadly lower, with the euro rising 0.4% to

$1.1608. The dollar dipped 0.2% on the yen to 159.90

, while sterling rose 0.3% to $1.3446.

The Bank of England is expected to hold rates at 3.75% on

Thursday and through 2026, with policymakers seen in no rush to

tighten. The BoE's vote split and monetary policy report will be

of interest.

Top-tier UK data includes May inflation and retail sales,

and April employment. Thursday's Makerfield election will also

be watched, as a win for Labour Mayor Andy Burnham could set up

a leadership contest against Prime Minister Keir Starmer.

In commodity markets, the drop in yields helped

non-interest-paying gold climb 1.9% to $4,300 an ounce.