Accra:Oil prices rose on Tuesday as Brent crude approached its highest level in five months. Traders are incorporating a geopolitical risk premium due to the current political climate.

According to National Iraqi News Agency, Brent crude futures increased by 55 cents, or 0.50%, reaching $110.10 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude for November delivery gained 0.24%, climbing to $103.91 per barrel. The more actively traded December contract also saw an increase of 39 cents, or 0.40%, reaching $98.93 per barrel.

Analysts suggest that oil prices are strongly supported by geopolitical risks. They note that continuous oil flows might gradually reduce the risk premium.