According to an unconfirmed report from Associated Press quoting Fox News, fires southwest of the city of Basra have been burning for several hours.
The Fox network in turn attribute their information to unidentified senior US military officials. The reports have been denied by Iraqi officials while Iranian officials say the oil fields were not sabotaged by the Iraqis, but rather bombed by coalition forces.
On the basis of the unconfirmed report, oil prices have reversed their recent declines. Meanwhile the following image appears to confirm the report.
Taken by the NASA Modis land imaging satellite programme, the image system is designed to identify fires and mark them with red squares. As can be seen in this image there are at least two and possibly four fires identified.
Moreover, as the following location map shows, the location of the fires is - as reported by Fox News - South West of the Iraqi city of Basra, denoted as "Al Basrah" on this map.
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For more images showing the context of the above image see… Scoop Images: Kuwait And Iraq Satellite Images.