FTSE 100 reaches near-record high on commodity rally

London's FTSE 100 index closed at a near-record high on Friday, August 7, 2026, as elevated oil prices and strong corporate earnings fueled a rally in commodity and industrial stocks. The blue-chip index gained 0.31%, or 33.20 points, to finish at 10,901.09, its highest level since before the outbreak of the Iran war.

The index's advance was part of a broader positive week for UK equities, with the more domestically-focused FTSE 250 also reaching an all-time high, rising 0.65% to 24,854.86. The gains were driven by a surge in mining and energy shares, benefiting from higher commodity prices and geopolitical tensions affecting oil supply. Mining firms Fresnillo and Endeavour Mining were among the top performers, while energy majors were supported by crude prices that remained firm due to ongoing disruptions in key shipping routes.

Corporate news provided further momentum. Advertising giant WPP saw its shares soar nearly 38% over the week following a reassuring half-year update that signaled its turnaround plan was on track. Consumer goods firm Diageo also rose after announcing a major cost-cutting initiative. In the mid-cap index, a string of takeover offers, including a...