The FTSE 100 is nearing 11,000 points as another surge in oil prices helped to fuel the blue-chip index to close near an all-time high.

London's main market closed up 0.31 per cent, or 33.20 points, to close at 10,901.09, to reach its highest level since before the Iran war.

The Footsie has gained nearly 10 per cent in the year to date after a stellar 2025 when it clocked up its best performance since the aftermath of the financial crisis.

It had been on track to near 11,000 points, a crucial milestone for the index, in the days before the outbreak of the Middle East conflict, before tumbling as inflation fears reared their head again.

The FTSE 100 tumbled to below 10,000 points in March and its recovery has been rocky, but the increase in oil prices and slew of strong corporate earnings have helped the index to gain momentum in recent weeks.

On Friday, mining stocks led the charge, with Fresnillo and Endeavour Mining both enjoying strong gains, up 4.6 per cent and 4.06 per cent respectively.

Consumer-focused stocks also enjoyed a rare moment in the sunshine this week. Diageo, closed up 3.32 per cent week this week after boss 'Drastic Dave' unveiled a £740million Diageo cost-cutting drive.

It will see a restructuring of Diageo's regional teams and its supply chain, involving 'significant' job cuts following a period of dwindling sales.

The announcement of a new chair helped to boost shares at JD Sports this afternoon, gaining 1.58 per cent. 

The appointment of Peter Agnefjäll, who will join in September, follows the abrupt departure of Andy Higginson in April, who had reportedly tried to oust chief executive Régis Shultz.

Elsewhere, WPP stormed ahead and gained nearly 38 per cent this week following its half-year update on Thursday. Investors were reassured the advertising giant's turnaround was on track as it hailed a less dramatic fall in sales.

The FTSE 100 has long struggled to keep up with US markets because of the lack of fashionable technology stocks. 

But that has worked in its favour this year as investors concerned about an artificial intelligence (AI) bubble have flocked to the value stocks that make up the core of London's market.

Mining stocks have gained from demand for commodities such as copper, while energy majors have been supported by higher oil prices.

Investors have also been attracted by the relatively low valuations among UK equities, with takeovers, share buybacks and special dividends drawing renewed interest from overseas investors.

The more domestically-focused FTSE 250 also edged higher, rising 0.65 per cent, or 159.44 points to 24,854.86, reaching an all-time high on Friday.

It follows a string of takeover offers that have boosted the share prices of major firms, including Easyjet which confirmed a £5.7billion takeover by private equity giant Apollo.

It forms part of a growing momentum in global equities, with both the S&P 500 and Nasdaq expected to finish the week higher.