News Summary

• Oil markets reversed earlier gains after state media quoted Pezeshkian saying, "We are willing to sacrifice as much as possible for the honor and pride of Iran" Earlier on May 21, Al Arabiya TV published what it described as a final draft of a Pakistani-mediated u.s.-Iran agreement, including provisions for an immediate ceasefire.
• The report triggered a sharp drop in crude oil prices before a "high-level source" said the Pakistani Army chief would not travel to Tehran.