U.S.-Iran Ceasefire Strains Over Continued Strait of Hormuz Attacks

The fragile ceasefire between the United States and Iran appears to have fallen apart over continued strife over the Strait of Hormuz, as Iranians buried their supreme leader, killed at the outset of the war. The country has been absorbed by the supreme leader's burial Thursday at one of the holiest sites for adherents of Shia Islam, where attendees carried signs offering $100 million for the president's assassination.

Experts have said locals are paid to appear at the demonstrations.

The war has rocked the global economy since it was launched on Feb. 28. Global fuel prices have fallen somewhat amid the on-again, off-again ceasefire, but continued attacks threaten to drive prices back up again. The International Energy Agency said Friday that a recovery in world oil demand is underway, but renewed U.S.-Iran hostilities this week and disrupted traffic in the Strait of Hormuz could change its outlook for an oil market surplus next year.

Crude oil stood above $72 a barrel on Friday morning, remaining on track for a weekly gain of nearly 5%, according to Trading Economics. The national average price for a gallon of regular gasoline inched up again on Friday to $3.88, up from $3.85 the day before, according to AAA.