By the close, the benchmark FTSE 100 was up 170.6 points, or 3%, at 5,707.6.
On Thursday, the index fell 2.4%, while US and European markets also posted sharp declines amid continued anxiety about the state of the global economy.
Friday's biggest gains came from mining giant Anglo American after an uptick in base metals prices and an oil price rally.
Aerospace firm Rolls-Royce also saw big gains, rising 16% after the firm announced annual profits of Â£1.35bn, although it added that it would be cutting its dividend by 50%.
Share indexes in Frankfurt and Paris also rebounded by more than 2%.
On the commodities markets, Brent crude was up 9.3% at $32.86, while US light crude rose 12.0% to $29.36.
On the currency markets, the pound was up 0.74% against the euro at â‚¬1.2878.
The currency was also 0.15% lower against the dollar at $1.4454.

The 26-year-old GlenDronach single malt whisky was bottled in 2012 to mark the opening of Trump International Golf Links in Aberdeenshire.
A Canadian bidder paid more than twice the estimated price to secure the bottle at the auction of rare whiskies.
A bottle of 52-year-old Macallan 1950 fetched £10,000, while a bottle of the Black Bowmore  went for £5,200.
Laurie Black, whisky expert at McTear's auctioneers, said: "There was a huge amount of interest in the bottle and we were delighted with the final price, which was several times more than previous Trump bottles have sold for.
"The GlenDronach is a stunning whisky in its own right, however, the Trump connection gave this particular bottle a presidential boost."

The crash, involving silver Skoda Octavia taxi, happened on Lake Road at 00:30 BST.
Police said the pedestrian, a 20-year-old woman from Fareham, died at the scene.
A 37-year-old man, from Portsmouth, has been arrested on suspicion of causing death by driving without due care and attention.
He has been released from custody but remains under investigation, Hampshire police said.
Anyone who witnessed the crash or saw the woman or the taxi beforehand has been urged to contact police.
(Close): London's leading share index has closed 3.06% higher, rallying after Thursday's big losses.
[NEXT_CONCEPT]
A rare bottle of whisky signed by US president elect Donald Trump has sold for £6,000 at auction in Glasgow.
[NEXT_CONCEPT]
A woman died when she was struck by a taxi in Portsmouth.