Axios reported Monday evening May 18 that the White House formally rejected Iran's revised 14-point peace proposal, with a senior US official and a second source close to the matter citing inadequate Iranian commitments on halting uranium enrichment. The US framing the offer as "insufficient for a deal" reverses the earlier-Monday tactical de-escalation signal (Trump cancelling Tuesday strikes, reported oil sanctions waiver during negotiation period) and pushes the diplomatic track back toward escalation. Structurally bullish for the iran-war-rearmament multi-year procurement tail; tactical near-term oil pulled back overnight despite the rejection news, suggesting the price tape reads it as posturing rather than imminent kinetic catalyst given Tuesday strikes were already cancelled.