Global oil prices are plummeting after Israel launched a retaliatory strike over the weekend that targeted Iranian military locations rather than its energy infrastructure, as had been anticipated.

Crude oil prices rose globally on October 2 after Iran launched roughly 200 missiles into Israel as part of a series of fast-increasing attacks between Israel, Iran, and its Arab allies that threatened to bring the Middle East closer to a regional war.

Iran is the world’s seventh-largest oil producer, but a bigger crisis in the Middle East may have an impact on the region’s largest energy producers.

Oil Prices Fall As Reality Of Weak Global Demand Overtakes Risk Of Wider War In Middle East

With many believing that the threat is receding in the short term, the price of benchmark U.S. crude and Brent crude, the worldwide benchmark, fell 6% on Monday. U.S. crude oil plunged well below $70 per barrel.

The Israeli military stated that its aircraft targeted Iranian facilities used to manufacture missiles fired at Israel, as well as surface-to-air missile installations.

Here’s a look at the current status and prospects for oil and gas prices:

The price of U.S. benchmark petroleum fell 6% Monday after Israel’s weekend retaliation strike on Iran targeted military targets rather than oilfields in the world’s seventh largest producer of crude.

This brings the price of a barrel of U.S. crude well below $70 after it rose above $77 earlier this month. Oil and gasoline prices have fallen dramatically since their yearly highs in April. According to energy specialists, more than half of the pumps in the United States sell a gallon of petrol for less than $3.

The focus has shifted back to the fundamentals of global energy markets, which have seen plentiful supply and falling demand this year. Slowing economic growth in China, the world’s largest energy consumer is a major cause.

Beijing announced that China’s economy grew at a 4.6% annual rate in the July-September quarter, down from 4.7% the previous quarter and falling short of the official aim of “about 5%” growth in 2024.

The Middle East war continues to roil energy markets, albeit not as dramatically.
Prices spiked momentarily this month after Iran launched missiles into Israel, but many experts believe Israel’s response over the weekend was moderate, potentially ending a cycle of retaliatory strikes from both sides, at least for now.

The OPEC+ coalition, which includes members of the producer’s cartel as well as ally countries such as Russia, wields less control over world pricing than in the 1970s when an oil embargo following the start of the Yom Kippur War in 1973 doubled crude oil prices.

Since then, the global oil supply has shifted dramatically, with the United States emerging as the world’s top producer. Months of conflict between Israel and two Iranian proxies, Hamas and Hezbollah, did little to raise oil prices for OPEC and its 12 member countries. Only the prospect of a direct conflict between Israel and Iran shifted the needle.

It is the fundamentals.
The long-term expectation is that oil prices will fall rather than rise. This is due to a shift in the supply-demand balance, which normally causes oil prices to fall.

According to the International Energy Agency’s most recent energy market assessment, oil demand in the first half of this year increased by the least amount since 2020. Meanwhile, supplies have continued to rise, and the OPEC+ alliance has announced intentions to release more oil into the market beginning in December.

What’s happening with energy prices this year?
Oil futures soared sharply to start the year, reaching $85 per barrel in April, but it’s been mostly downhill since then, and gas prices have followed suit.

Because oil costs half of a gallon of gasoline in the United States, gas prices are loosely correlated. Between Friday and Monday, when Israel conducted a measured counterstrike against Iran, the price of a barrel of oil fell $4.

OPEC has failed to build a floor for oil prices this year.

Oil Prices Fall As Reality Of Weak Global Demand Overtakes Risk Of Wider War In Middle East

Saudi Arabia and other oil-producing countries extended output cutbacks until June next year, seeking to preserve low oil prices that have yet to recover despite Middle Eastern turbulence and this year’s summer travel season.

At the same time, the United States is pumping an unprecedented amount of petroleum. The United States Energy Information Administration predicts that the average daily crude oil output in the United States will be 13.2 million barrels annually, with production only expected to increase in 2025.

What’s next for oil and gas prices?
Several energy experts believe that oil prices have peaked this year and will continue to fall, implying that motorists will benefit from additional discounts.

“Limited nature of Israeli strikes against Iran should diminish fears of wider war and shave some of the geopolitical premium on crude oil,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service, in a social media post this weekend. “Today’s U.S. retail gas avg is $3.13/gal with 55% of sites priced at less than $3/gal.”

SOURCE | AP

Kiara Grace

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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A recreational substance termed “pink cocaine” is gaining popularity and causing misunderstanding because it does not normally include cocaine.

The pink powder, which is actually a mix of other narcotics tinted pink, has been discovered in drug seizures, forcing law authorities to issue warnings.

Pink cocaine is also known as “tusi,” however both nicknames are based on marketing rather than fact. According to experts, it rarely contains cocaine and is more likely to contain ketamine, which has quite distinct effects.

What Is The Recreational Drug ‘Pink Cocaine’?

Why is it pink?
Pink cocaine gets its pink tint from food coloring or dye, according to Joseph Palamar, a drug trends researcher at NYU Langone Health in New York.

“Sometimes it has cocaine in the mix, but it’s typically more of a ketamine concoction,” says Palamar. Studies have discovered batches containing methamphetamine, MDMA, bath salts, caffeine, and opiates.

“It’s a concoction that anyone can make if they have a couple of drugs and a pink dye,” Palamar told reporters.

According to research released last year by Palamar, the term “tusi” may have been coined to emulate 2C-B, a recreational drug popular on the rave scene in the 1990s and noted for its euphoric effects. The drug analyses that Palamar evaluated revealed that tusi did not often include 2C-B.

According to him, young people nowadays may be unaware of the history of the name tusi and may be confused by the name pink cocaine.

“It’s just some beautiful powder that their pals are using. “They probably have no idea what it is supposed to be,” he explained.

Why is pink cocaine dangerous?
The threat stems from the unknown contents. Users may have undesirable side effects or take more than their previous experience indicates they can handle. Ketamine is a potent anesthetic that has been licensed for surgical usage, but it has also been used recreationally and to treat depression, anxiety, and pain in recent years. It has the potential to produce hallucinations as well as interfere with breathing and cardiac function.

What Is The Recreational Drug ‘Pink Cocaine’?

“Ketamine is not a fun drug to most people,” Palamar stated. “It kind of puts you in your own little world and things tend to feel very alien when you’re on it, especially in large doses.”

Someone who is drunk at a party and believes cocaine may counteract the effects of alcohol will be unpleasantly startled with pink cocaine, which is primarily ketamine, he added.

“If you’ve been drinking, it’s going to make you sick to your stomach and the dissociative effects are not going to be very pleasant,” he told me.

Where does pink cocaine come from?
In May, the United States Coast Guard reported seizing pink cocaine and other drugs off the shores of Mexico, Central and South America.

“That was the first time that I heard of large batches being imported into the U.S. as tusi,” Palamar told me. It might just as easily be created by drug dealers in the United States who mix their own, he claimed.

SOURCE | AP

Kiara Grace

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

See Full Bio

MEXICO CITY — Hurricane Kristy grew into a Category 3 storm in the Pacific Ocean on Wednesday and is predicted to stay away from land as it becomes stronger, forecasters said.

The storm was about 650 miles (1,045 kilometers) southwest of the southern tip of Mexico’s Baja California peninsula, moving west at 20 mph (31 kph). The National Hurricane Center in Miami reported maximum sustained winds of 125 mph (205 kph).

Hurricane Kristy Strengthens Into A Category 3 Storm In The Pacific Ocean

Kristy’s waves will hit areas of the Baja California peninsula’s west coast late this week, causing potentially fatal surf and rip current conditions, according to the center.

Kristy formed as a tropical storm off Mexico’s southern Pacific coast on Monday before intensifying into a hurricane on Tuesday. Forecasters predicted steady to rapid strengthening on Wednesday and Thursday, followed by moderate weakening beginning Friday.

Hurricane Kristy Strengthens Into A Category 3 Storm In The Pacific Ocean

The storm was predicted to continue moving across open water. No coastal watches or warnings were in effect.

“This one is moving due westward at a quick forward speed well out to sea, so there are no concerns about land,” said Brad Reinhart, a senior hurricane specialist at the center.

Oscar, which made landfall as a Category 1 hurricane in Cuba on Sunday, dissolved into tropical remnants in the Atlantic Ocean Tuesday. The island is recovering from floods and power shortages.

SOURCE | AP

Kiara Grace

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

See Full Bio