Crude oil prices rose more than 3% Wednesday driven by escalating tensions in the Middle East, an OPEC pledge of unity and the shut-in of Libya’s biggest oilfield over protests. At 14:13 p.m. ET on Wednesday, Brent crude was trading up 3.07% at $78.22, while West Texas Intermediate (WTI) was trading up 3.25% at $72.69. Up until now, weak fundamentals had been counterbalancing any impact on oil prices from escalating tensions in the MIddle East. “We haven’t seen prices react much in part because fundamentals…
