Oil rose as geopolitical tensions from Russia to Iran ratcheted higher while strength in equity markets increased the appeal of risk assets.
West Texas Intermediate climbed to around $71 a barrel, up more than 5% for the week, while Brent neared $75. The Russia-Ukraine conflict has rapidly intensified following months of bloody attrition, with the use of longer-rage missiles by both sides this week. At the same time, Iran said it will increase its nuclear fuel-making capacity after it was censured by the UN’s International Atomic Energy Agency.