Olive Oil has a fairly low smoke point (160-200°C depending on the extraction process) which makes it unsuitable for deep-frying, as you fry chips at ~170°C.
Refined peanut oil is odourless and has a very high smoke point (230°C / 450 F) . It also has had all of the peanut proteins removed, making it safe for all but the most extremely allergic people to consume. Rape-seed (canola) oil can also be used if you don't want to use sunflower oil.