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.

Moscow’s full-scale invasion of Ukraine roiled global energy markets in 2022 as European nations sought to end their dependence on Russian natural gas.