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Oil prices surged on Wednesday as U.S. crude and gasoline inventories dropped, coupled with growing concerns over the potential expansion of the Israel-Gaza conflict, which could disrupt global oil supplies. Brent crude rose by 0.7% to $81.25 per barrel, while U.S. West Texas Intermediate increased by 0.8% to $78.94. The situation in the Middle East, particularly involving Iran, is seen as a significant risk to oil prices, with potential threats to supply chains if the conflict escalates.

The Escondida mine in Chile, the world’s largest copper mine, is facing a significant disruption as its powerful workers’ union has launched a strike, demanding a larger share of profits. Known for its effective strikes in the past, the union represents 61% of the workforce and has significant leverage. While copper prices remain stable for now, a prolonged strike could disrupt global supply and drive up prices, depending on the success of ongoing negotiations between the union and BHP.

Elliott Investment Management has launched a bold campaign to replace the majority of Southwest Airlines’ board, aiming to oust the current CEO and overhaul the company’s leadership. Amid Southwest’s declining stock price and challenges in implementing a successful turnaround, Elliott’s move represents a significant push for change at the airline.