Thousands of Iranians are attending a second day of mourning in Tehran for former Supreme Leader Ayatollah Ali Khamenei. Khamenei, who led Iran for 37 years, was killed earlier this year in a coordinated U.S. and Israeli airstrike.
The state funeral at Tehran's Mosalla Mosque is part of a six-day mourning period. A final burial is scheduled for July 8 in Mashhad.
An Interim Leadership Council currently governs the country. The Assembly of Experts is expected to elect a new Supreme Leader soon. This transition occurs against the backdrop of ongoing regional conflict triggered by the airstrike.
Political observers are watching for announcements regarding the new leader. Market sentiment reflects increased uncertainty about potential instability in the short term.