Oil prices rising as Iraqi forces advance on Kurdish-held territory

Global crude prices have hit a three-week high as the conflict between Iraqi and Kurdish forces intensifies. Iraqi troops are advancing on the city of Kirkuk, reportedly seizing the region's oil fields.

West Texas Intermediate crude rose 1.6 percent to $52.29 per barrel, setting it on track for its highest settlement price since the end of September, according to FactSet data.

Brent crude contracts for December gained 2.13 percent to $58.39, also trading around its highest level since late September.

The oil-producing region has been a contention between the Iraqi central government and the Kurdistan Regional Government (KRG).

The tension in the province has sparked a conflict between Bagdad and the KRG after Iraqi Kurds voted for independence from Iraq in a September referendum. Kirkuk was included in the vote, despite competing claims to the disputed area....