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The Mujahideen Movement: The two were killed along with dozens of others from their family in a cowardly Zionist assassination that targeted the Sabra neighborhood today
The Palestinian Mujahideen Movement mourns the martyrdom of its Secretary-General, Asaad Attiya Abu Sharia "Abu Al-Sheikh", along with his brother Ahmad
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.

Oil falls 3% as investors eye US Fed hike

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Jun 2022 10:43
3 Min Read

Oil prices fell over 3% on Wednesday as investors worried that the Federal Reserve's rate rises would send the US economy into recession, lowering demand for fuel.

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  • Oil falls 3% as investors eye US Fed hike

Oil prices fell over 3% on Wednesday as investors are worried that the Federal Reserve's rate rises would send the US economy into recession, lowering demand for fuel.

Brent oil futures dropped $2.91, or 2.5 percent, to $111.74 a barrel. The global benchmark fell to $107.03, its lowest level since May 19.

West Texas Intermediate (WTI) crude oil in the United States decreased $3.33, or 3%, to close at $106.19 per barrel. The low for the session was $101.53, the lowest since May 11.

On Wednesday, investors examined how interest rate increases intended to calm skyrocketing inflation may impede an economic rebound.

However, oil prices recovered throughout the session, when Fed Chair Jerome Powell declared an "overarching focus" on lowering inflation and reaffirmed that continued hikes in the central bank's policy rate would be reasonable, with the pace dependent on the economic outlook.

According to Phil Flynn, an analyst at Price Futures, "Powell seemed to change the mood of the market by seeming confident about the US economy. His words have soothed the market and put a bottom on prices for the short-term."

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US President Joe Biden will ask Congress to suspend the federal gas tax of 18.3 cents per gallon for three months, as the US struggles to combat high inflation.

Republicans, in particular, have characterized a potential gas tax suspension as a political stunt by a president whose popularity has plummeted as the cost of a variety of goods has risen.

It is worth noting that the Biden administration has constantly claimed that higher fuel prices are the result of the war in Ukraine and alleged price gouging by energy companies.

On his account, Biden has blamed companies for not refining enough oil for affecting supply.

The US Energy Information Administration announced that its weekly oil statistics, which were supposed to be released on Thursday, will be delayed until at least next week owing to system concerns. It is unknown when the EIA will release the report.

The $2.4 trillion in global energy investment planned for this year includes record expenditure on renewables but falls short of filling a supply shortfall and addressing climate change, according to the International Energy Agency.

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