Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium. Brent futures rose $1.05, or 1.4%, to $75.28 a barrel by 1:15 p.

Oil futures settled higher on Friday, with the U.S. crude benchmark up by more than 6% for the week as traders monitor escalating tensions between Ukraine and Russia, which is among the world’s biggest oil producers.

The stakes have never been higher in the Ukraine-Russia war. In the week that saw the conflict pass its 1000th day, Western powers substantially boosted Ukraine's military arsenal - and the Kremlin made its loudest threats yet of a nuclear strike.