Oil prices reach a two-week high due to geopolitical concerns and the escalation in Ukraine.

As geopolitical risk concerns and increased market uncertainty drove Brent crude and U.S. West Texas Intermediate (WTI) futures higher, oil prices rose by roughly 1% to a two-week high.

Muscat: Brent crude futures climbed 66 cents, or 0.9%, to $74.89 a barrel, while U.S. WTI crude futures rose 77 cents, or 1.1%, to $70.87 a barrel. These gains marked a more than 5% rise last week, signaling the highest settlement since November 7. The recent uptick came as Russia intensified its military campaign in Ukraine, following decisions by the United States and Britain to supply Kiev with advanced weaponry capable of striking deep within Russian territory.

China, the world’s largest crude importer, announced new policy measures on Thursday aimed at boosting trade, including energy import subsidies, as concerns over U.S. tariffs loom. Analysts, traders, and ship-tracking data suggest that China’s crude oil imports could rise substantially in November, driven by these supportive measures. Meanwhile, oil imports in India, the world’s third-largest oil importer, also saw an increase, driven by higher domestic demand, according to government figures.

However, the price gains were tempered by a sharp decline in business activity across the euro zone this month. The region’s dominant services sector contracted, and the manufacturing sector remained stagnant, further dampening market sentiment.

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