London's blue-chip FTSE 100 index could close at an all-time high for the first time since before the start of the U.S.-Iran war, after briefly topping its record close in early afternoon European trade.

The index touched 10912.60--above its record Feb. 27 close of 10910.55--before pulling back later in the session. The gauge was last up 0.1%, around 14 points below the record.

Wednesday's gains follow a bumper run for the index. It is on track to climb for seven consecutive trading days--its longest such run since October 2025.

Oil majors and metals minors have supported the recent rally, as the commodities that underpin companies like Antofagasta and Shell jumped. The index was up 1.5% in the five trading days to the last close.

Retailer JD Sports and British American Tobacco--up 3% and 2.4%, respectively--led the index Wednesday, while industrial stocks also strengthened on lower oil prices.

However, struggling software stocks checked its advances Wednesday, with Sage falling 3.9% amid a broader selloff in the sector. Oil majors that had pushed the index toward new highs in recent weeks also weighed. BP and Shell--both of which are among the index's ten most valuable companies--fell 1.8% and 0.5% on lower oil prices.