FTSE closes in black after oilfuelled fillip

London’s blue-chip index climbed back above the 7,300 mark as rising oil prices helped to push up commodity stocks.

The FTSE 100 finished the day 39.82 points or 0.55 per cent higher at 7,313.4.

A barrel of Brent Crude was at one point trading above $80 on the back of investor fears that Donald Trump’s Iran sanctions could hurt production levels. Hurricane Florence’s approach towards the US also contributed for high demand for oil.

Fiona Cincotta, senior market analyst at City Index, said: “Having started the day with its head barely above water, the FTSE performed a U-turn and rallied nearly 0.67 per cent during the afternoon trading, tracking US markets higher and benefiting from a renewed weakening of the pound.”

The pound stayed flat against the dollar at $1.303, but dipped against the Euro to below €1.121.

Shares in BP and Royal Dutch Shell rose by 8.9p and 24p respectively, while mining stocks also rose, despite bubbling fears of a trade war. Rio Tinto was up 48.5p, for example.

Sports Direct closed 11.8p higher at 353.4p after news that the board had discussed a combination of Debenhams and House of Fraser. However the sports retailer issued a statement after the close saying it does not intend to launch a takeover bid for Debenhams.

The biggest risers on the FTSE 100 included Imperial Brands, up 83p to 2,691.5p, and

Glencore, up 8.2p to 295.1p. The biggest fallers included Centrica, down 5.4p to 144.35p, and

CRH, down 48p to 2,437p.