Continued Attacks, Quick Victories Mark U.S.-Led Campaign

The U.S.-led coalition experienced several quick triumphs in its war in Iraq, news services reported Friday, notably the securing of oil fields in the northern and southern regions of the country. That news bolstered U.S. stock prices and eased concern among commodities traders.

During the middle of night Iraqi time, the United States led a substantial bombing and cruise missile attack on targets in and around Baghdad, CNN reported. Television news reports indicated that U.S. military officials said it was the beginning of the "shock and awe" phase of the war.

U.S. markets responded positively to news from the front, with the Dow Jones Industrial Average surging upward over 200 points.

Crude oil futures on the New York Mercantile Exchange closed $1.22 lower at $26.90, hitting a four-month low, Bloomberg reported. So far this week, oil prices have fallen 23%, according to Bloomberg

On the decline in oil prices, the prices of motor fuels like gasoline and distillate fuels fell in trading on the Nymex. Gasoline futures prices hit a six-week low of 85.25 cents a gallon, Bloomberg said.

The price of home heating oil, a distillate fuel close in composition to diesel fuel, shed 20% this week – its largest drop in 12 years on the Nymex.