(Bloomberg) -- The UK’s FTSE 100 Index closed at a record high for the first time in more than a year, having been boosted in recent months by energy-related stocks as well as broader optimism that geopolitical concerns were easing.

The export-heavy index closed 1.6% higher at 8,023.87 points, surpassing its previous record closing peak of 8,014.31 in February 2023. It is still below an intraday high of 8,047.06.

The FTSE 100 is up about 4% year to date, with Shell Plc and BP Plc alone accounting for almost half of those gains, according to data compiled by Bloomberg. AstraZeneca Plc, HSBC Holdings Plc and jet-engine maker Rolls-Royce Holdings Plc are also among the main drivers.

“A combination of a depreciating British pound - making UK stocks cheaper to buy for international investors - and de-escalation in the Middle East propelled the FTSE 100 close to its record high,” said Axel Rudolph, senior market analyst at IG.

--With assistance from Michael Msika and Lisa Pham.

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