Baghdad:Oil prices experienced a significant increase, rising by more than $4 per barrel at settlement.

According to National Iraqi News Agency, the December Brent crude contract saw a settlement at $102.31 per barrel, marking an increase of $4.28, or 4.37%.

In comparison, U.S. West Texas Intermediate (WTI) crude also rose, climbing $2.45, or 2.71%, to reach $92.87 per barrel.