Iran war day 83: Tehran reviews new US ceasefire proposal, Pakistan chief mediator visits

Iran's foreign ministry announced on May 21 it is reviewing a new US ceasefire proposal, reviving negotiation momentum on day 83 of the Iran war. Trump maintained a 2-3 day deadline, and Pakistan's joint chief of staff visited Tehran for top-level mediation since the April 8 ceasefire. With a 70-day Strait of Hormuz blockade ongoing, WTI traded in the $96 range amid elevated volatility.