By Cassie Werber LONDON--Oil prices climbed on Friday as markets continued to focus their attention on events in Ukraine and Libya. Brent June crude is up 0.7% at $108.75 a barrel on ICE Futures Europe. June crude is up 0.8% at $101.05 a barrel on the New York Mercantile Exchange. A independence referendum in the Donetsk region of eastern Ukraine, planned for this weekend, could lead to more tension and add risk premium to the oil price, said Commerzbank analysts in a note to clients. Threats to the geopolitical status quo tend to affect the oil price -- in this case the speculation hovers around Russia's energy exports to the West. Libya's two most important oil terminals, meanwhile, remain shut. When Ras Lanuf and Es Sider reopen, there will be a significant downside risk for oil, but negotiations surrounding their blockade continue to drag on. JBC Energy said it expects some upward movement for Brent after Thursday's European Central Bank meeting provided a level of cautious optimism, but added that $110 a barrel should be the cap for 2014. Recently, ICE Gasoil was up $8 at $907.50 a metric ton. Gasoline was up 255 points at $2.9305 a gallon.

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