WTI crude futures trading near $103.54 Tuesday May 19 morning, -4.7% from Monday's $108.66 close; intraday range $102.16-$103.70. Substantial overnight pullback DESPITE the after-hours Axios rejection-of-Iran-proposal news - the price tape reads the rejection as posturing rather than imminent kinetic catalyst given Tuesday strikes were already cancelled, and the sanctions-waiver reporting still operative on the structural supply side.