Updated 5:39 p.m. ET June 15

Fashion usually stays well away from the oil market - unless it's entirely unavoidable.

But such has been the case since the U.S. and Israel bombed Iran on Feb. 28, jamming up the Strait of Hormuz and cutting off 20 percent of the global oil supply.

That shock, which long term would be too big to ignore, has been working its way through the global system and is just about to hit in earnest. So word that U.S. President Donald Trump reached a deal with Iran for another ceasefire and to open the strait rippled throughout global stock markets.

The price of oil was down, almost to $81 a barrel, and many stocks were up.

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Among the Wall Street gainers were Stitch Fix Inc., up 10 percent to $4.23; The RealReal Inc., 7.7 percent to $11.07; LuxExperience, 7.4 percent to $7.59; Amazon, 3.2 percent to $246.02; Tapestry Inc., 2.4 percent to $150.99, and Ralph Lauren Corp., 2.1 percent to $412.36.

In Europe, luxury bellwether LVMH Moët Hennessy Louis Vuitton was up 3.2 percent in early-morning trading, but pared back most of its gains to close up 0.4 percent to 512.60 euros. Kering also appeared to fall victim to profit-taking, closing down 2.1 percent at 262.70 euros after trading up 3.3 percent earlier in the day.

Hermès International ended the session with a 0.9 percent increase to 1,712 euros, while Compagnie Financière Richemont gained 1 percent to 180.75 Swiss francs. This followed a sharp rise in luxury stocks on Friday, as the proposed deal came into focus.

While oil prices don't directly eat into the spending power of the affluent, stock market disruptions can hurt luxe brands if the well heeled start to keep closer tabs on their portfolios and ease back on speeding.

The market was further cheered by a research note from RBC Capital Markets last week that predicted LVMH's second-quarter results, due to be published at the end of July, would show  modest further improvement in a sector environment that remains fairly mixed in our view. 

It forecast that the French luxury conglomerate's key fashion and leather goods division would deliver 

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