Oil prices rose on Friday after Russia said it had fired a ballistic missile at Ukraine and warned of a broadening conflict, raising the prospect of tightening crude supplies.

Brent crude futures gained 14 cents, or 0.2%, to $74.37 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $70.27 per barrel.

Russian President Vladimir Putin said on Thursday that the Ukraine war was growing into a global conflict after the U.S. and Britain allowed Ukraine to strike Russia with their weapons.

Putin, who said Russia responded to the use of U.S. andBritish missiles by firing a new kind of hypersonic medium-rangeballistic missile at a Ukrainian military facility, warned the West that Moscow could retaliate further.

After approval from the administration of President JoeBiden, Ukraine struck Russia with six U.S.-made ATACMS on Nov.19 and with British Storm Shadow missiles and U.S.-made HIMARSon Nov. 21, Putin said.

Russia is among the world's top crude oil producing countries, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+. Russia this month said it produced about 9 million barrels of oil a day.

Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.

Source: Reuters