Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.

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.