By Daniel Huang 

Global oil prices rose to a two-week high on Friday as investors prepared for more market-roiling headlines from Ukraine and the Middle East over the weekend.

Brent crude for September delivery rose $1.32, or 1.2%, at $108.39 a barrel, the highest closing price since July 10 on the ICE Futures Europe exchange. It was the largest one-day gain for the global benchmark since June 12.

Light, sweet crude on the New York Mercantile Exchange ended almost flat, up 2 cents to $102.09 a barrel.

European officials met Friday to discuss ratcheting up economic pressure on Moscow for what they say is Russia's support for militants in eastern Ukraine. A decision to impose new sanctions could limit access to the country's oil supplies, cutting off the world's second-largest crude exporter behind Saudi Arabia.

In the Middle East, Palestinians in the West Bank protested Israel's military operation in the Gaza Strip on Friday, as an 18th day of fighting in the coastal territory claimed the life of an Israeli soldier, an Islamic Jihad official and more Palestinian civilians.

"Everyone is walking on eggshells right now because of the geopolitical issues," said Carl Larry, president of Oil Outlooks and Opinions based in Houston.

Given the situations in Ukraine and Gaza, traders who had placed bets that prices would fall were reluctant to carry their positions into the weekend, said analysts at Ritterbusch & Associates in a note.

Front-month August reformulated gasoline blendstock, or RBOB, gained 2.85 cents, or 1%, to $2.8653 a gallon. August diesel rose 4.48 cents, or 1.6%, to $2.9157 a gallon, the highest settlement since July 3.

Write to Daniel Huang at daniel.huang3@wsj.com

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