Iran Peace Proposal Imminent; Brent Crude Plunges 8%

The U.S. transmitted a one-page peace proposal to Iran through Pakistani mediation, including a 30-day negotiation trigger and agendas covering nuclear, frozen assets, and Strait of Hormuz security. Brent closed at $100.45/bbl, down 8% on 5/7, with WTI at $94.81. Trump stated the war would end soon.