The average price of a gallon of gas in the United States is now $3.88. It's 6 cents higher than a week ago and 71 cents more than the same point last year. The rise comes as the war in Ukraine has impacted refineries in Russia and Iran launched renewed strikes in the Strait of Hormuz, again stalling the flow of oil through the waterway.

The US Commerce Department announced on Friday that it will ease export restrictions on the United Arab Emirates. It will grant the UAE broader access to US military, commercial space and advanced technology items in recognition of its role as a major defense partner. The department said the new status reflects the “ongoing U.S.-UAE military partnership” and the UAE's commitment to prevent the diversion and misuse of sensitive American technologies.

The US wants Iran to declare the Strait of Hormuz fully reopened to navigation and pledge not to attack tankers transiting the waterway. Washington and Iran have clashed over the management of the strait. The two countries traded strikes on Wednesday and Thursday after Washington and the Gulf states blamed Tehran for attacks on three commercial ships. Negotiators from the US and Iran will meet in Oman on Saturday to continue negotiations.