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 climbed nearly 2% on Thursday as tensions between Russia and Ukraine were rapidly rising as the countries launched missiles at each other, worrying markets about crude supply if the conflict widened.

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.

Oil futures settled lower on Wednesday, as a third straight weekly rise in U.S. crude supplies and worries about global demand outweighed support from a “meaningful escalation” this week in tensions between Russia and Ukraine.

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.

President Joe Biden has reversed some of his own policy positions on Ukraine even as Russia has used new tactics in the conflict and warned of escalation. Ukraine says Russia launched an intercontinental ballistic missile,

Oil prices held steady on Friday, on track for a weekly rise of 5%, as the Ukraine war intensified and Chinese imports were set to increase in November. Brent crude futures climbed 33 cents, or 0.44%,