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.

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.

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.