The Australian sharemarket recouped much of Monday’s losses as broad sector gains were buttressed by falling oil prices.Nine of eleven sectors made gains, tech slid 0.4 per cent and materials were flat, as the ASX200 gained 99.4 points to 8604.7, up 1.17 per cent.The All Ords rose 1.08 per cent, and the Aussie Dollar fell to near US71.3c amid gains for the greenback.A JPMorgan upgrade on Woolworths pushed the supermarket up 3.7 per cent, pulling the consumer staples sector with it to lead Wednesday’s gains.“The ASX200 has bounced back from yesterday’s poleaxing in a solid fashion, regaining a good chunk of the 105 points lost in yesterday’s demolition derby,” IG analyst Tony Sycamore said.Retreating oil prices came after Donald Trump postponed a planned strike on Iran at the behest of Saudi Arabia, Qatar, and the UAE, and said “serious negotiations are now taking place” with Iran.“Frankly, we’re not overly convinced about the near-term prospects of a peace deal and suspect the motivation to hold fire stemmed from the weekend’s fresh drone attacks on the UAE and Saudi Arabia,” Mr Sycamore said.The attack postponement calmed bond yields, with the international benchmark Brent crude sliding 1.3 per cent and West Texas Intermediate futures falling 0.9 per cent.But a slip in iron ore futures flattened gains for the materials sector, with BHP losing 0.1 per cent and Fortescue dipping 0.3 per cent. Lynas Rare Earths fell 4.3 per cent.Perth-headquartered Northern Minerals soared 21.7 per cent as the company backed Jim Chalmers’ orders for Chinese investors to divest amid a long-running boardroom takeover stoush.Mineral Resources announced it would restart its WA lithium mine on the back of recovering prices; shares rose 2.6 per cent.Bellevue Gold extracted the first ore from its high-grade Deacon North mine in WA as well, pushing shares up 2 per cent.The big four banks all gained between 1.3 and 2 per cent, QBE Insurance rose 2.9 per cent and insurance brokers Steadfast gained 3.7 per cent.Real estate stocks also gained following Monday’s sell-off, with Goodman Group up 1.8 per cent, Scentre gaining 1.4 per cent and Stockland up 3.1 per cent.Telco owner Tuas rebounded 17.6 per cent after Monday’s 63 per cent crash.The telecommunications sector as a whole gained 2.7 per cent to a six-month high; Telstra rose 2.6 per cent, CAR Group gained 3.7 per cent and Seek grew 3.4 per cent.Geelong carbon fibre wheel maker Carbon Revolution announced creditors have approved a deal to re-emerge from voluntary administration.The former ASX equity was booted from the NASDAQ in February. The light wheels were a boon for heavy EVs, but China’s dominance of the EV market saw the firm’s market cap dwindle from $500m to $30,000.Read related topics:ASXWoolworths