S&P/ASX 200 Index (ASX: XJO) shares rose 0.54% in June amid the US and Iran signing an interim peace deal.
Ships are finally moving out of the Strait of Hormuz and oil prices have retreated to pre-war levels.
Experts have warned of a looming supply glut as exports rebound faster than expected.
Trading Economics analysts said Iran has shipped more than 40 million barrels of oil since the US lifted its naval blockade of Iranian ports.
Russian exports have also surged to record levels.
The Reserve Bank of Australia (RBA) kept interest rates on hold last month amid improved inflation data and weaker jobs growth in May.
Weak economic growth and record-low consumer sentiment added to the case that the rate-hiking cycle may be over.
This optimism led to ASX 200 consumer discretionary shares leading the market in two out of four weeks last month.
Share markets tend to look six to 12 months ahead, and growing expectations of no further rate hikes bodes well for ASX 200 retail shares.
The next RBA interest rate decision will be on 11 August.

Image source: Getty Images
Most bought ASX shares in June
Here are the ASX shares and ETFs that were most bought by investors using the Bell Direct trading platform last month.
The rankings are based on order of net value of buy orders, minus sell orders, placed by Bell Direct customers.
For the second month, Vanguard Australian Shares High Yield ETF (ASX: VHY) was the most bought security.
This potentially reflects experts' views that ASX dividend shares may become more attractive under proposed capital gains tax (CGT) changes.
Last month, Wilson Asset Management Chair and Chief Investment Officer, Geoff Wilson AO, told a Federal Senate enquiry:
Capital will increasingly favour mature yield-producing assets rather than growth-oriented investments…
| Rank | ASX share or ETF |
| 1 | Vanguard Australian Shares High Yield ETF (ASX: VHY) |
| 2 | Vanguard MSCI Index International Shares ETF (ASX: VGS) |
| 3 | Global X Semiconductor ETF (ASX: SEMI) |
| 4 | Regal Partners Global Investments Ltd (ASX: RG1) |
| 5 | Vanguard Australian Shares Index ETF (ASX: VAS) |
| 6 | WiseTech Global Ltd(ASX: WTC) |
| 7 | CSL Ltd (ASX: CSL) |
| 8 | Paladin Energy Ltd (ASX: PDN) |
| 9 | iShares S&P 500 AUD ETF (ASX: IVV) |
| 10 | Betashares Nasdaq 100 ETF (ASX: NDQ) |
Source: Bell Direct
Most sold ASX shares last month
| Rank | ASX share |
| 1 | Commonwealth Bank of Australia (ASX: CBA) |
| 2 | BHP Group Ltd (ASX: BHP) |
| 3 | National Australia Bank Ltd (ASX: NAB) |
| 4 | ANZ Group Holdings Ltd (ASX: ANZ) |
| 5 | Macquarie Group Ltd (ASX: MQG) |
| 6 | Rio Tinto Ltd (ASX: RIO) |
| 7 | CSL Ltd (ASX: CSL) |
| 8 | Australian Foundation Investment Co Ltd (ASX: AFI) |
| 9 | Fortescue Ltd (ASX: FMG) |
| 10 | Argo Investments Ltd (ASX: ARG) |
Source: Bell Direct