Crude prices rose Friday after Iranian troops crossed into Iraq and seized an oil field. Iraq's Deputy Foreign Minister Mohammed Haj Mahmoud said Iranian soldiers surrounded a well in the Al-Fakkah oil field, only 200 miles (320 kilometers) southeast of Baghdad. It is one of the country's largest oil fields. Just last week, major oil companies were in Baghdad to bid on oil service contracts as the country opens up to foreign companies for the first time in 30 years. Deals were reached in only seven of 15 oil fields, and most of those were in areas that have been relatively stable and free of violence. Iranian troops are believed to have left the region. Benchmark crude for February delivery added 34 cents to settle at $74.42 a barrel on the New York Mercantile Exchange. In London, Brent crude for February delivery added 38 cents to settle at $73.75 a barrel on the ICE Futures exchange. In January contracts, heating oil fell less than a penny to settle at $1.9567 while gasoline rose 4.28 cents to settle at $1.8948 a gallon. Natural gas increased 1.4 cents to settle at $5.782 per 1,000 cubic feet.
