Despite the attempts of some regional outlets to spin a narrative of imminent peace (which we saw yesterday), a senior Iranian source told Reuters on Thursday that “no deal had been reached with the US” – though he did also claim that “gaps had narrowed” – somewhat in line with the optimistic narrative.

The Islamic Republic is reporteldy still reviewing the latest peace blueprint handed down by the Trump administration. Trump has meanwhile explicitly warned that further military action remains firmly on the table if Tehran doesn’t bend the knee.

Yet there’s more ‘action’ taking place in the interim – as Pakistan’s army chief once again is on his way to Tehran, per Al Arabiya, and this – though already previewed the day prior – caused oil to dump amid the usual daily optimistic headlines emerging just ahead of the US market open.

During a prior trip, Anadolu/Getty Images

Field Marshal Asim Munir is expected to receive and relay Tehran’s answer to Washington on the latest.

Meanwhile, speaking to state television, Fadahossein Maleki, an influential member of Iran’s Parliament’s National Security and Foreign Policy Committee, strongly hinted that Iran might not wait around to be hit. When pressed on whether the ceasefire could collapse, Maleki bluntly stated, “Anything is possible.”

He took it a step further, openly floating the idea of an Iranian preemptive strike if Iran believed the Pentagon is moving its forces into position for resumption of military action.

“It could even come from Iran’s side, frankly,” Maleki warned, according to a report by Iran International. “If we feel that something is happening from a US base, Iran has the legitimacy to respond and prevent it.”

Despite these threats, US Secretary of State Marco Rubio has freshly said there has been some “slight progress” in talks with Iran to end the war, but followed by saying he did not wish to exaggerate how much.

Which helped push crude oil prices to the lows of the day…

More possibly premature reports of a ‘final draft’ being worked on…

🔴 BREAKING: The final draft of a possible agreement between the United States and Iran, mediated by Pakistan, is expected to be announced within hours, according to Al Arabiya sources. Its key terms include the following:

🔴 Final draft of possible US-Iran agreement mediated by… pic.twitter.com/Fb0gTmv8nd

— Al Arabiya English (@AlArabiya_Eng) May 22, 2026

He’s going full press against Iran’s efforts to impose a Hormuz toll system under its own permission protocols. “They’re trying to convince Oman, by the way, to join them in this tolling system in an international waterway. There is not a country in the world that should accept that. I don’t know of a country in the world that’s in favor of it, except Iran, but there’s no country in the world that should accept it,” Rubio said in Helsingborg, Sweden, on the sidelines of a NATO ministers meeting. 

“I don’t know of anyone in the world that should be in favor of a tolling system in an international waterway, that’s just not acceptable. It can’t happen,” Rubio continued.  

“If that were to happen in the Strait of Hormuz, it will happen in five other places around the world. Why would countries all over the world say, ‘Well, we want to do this too’? Not to mention how vital and critical that strait is to every country represented here today, but frankly, to countries not represented here today, particularly the Indo-Pacific,” he also said.

*  *  *

More latest developments via Newsquawk:

Arabiya and Al Hadath exclusively report the text of the anticipated US-Iran agreement in case of its approval. The agreement includes: an immediate, comprehensive, and unconditional ceasefire on all fronts, a halt to military operations, ensuring freedom of navigation in the Arabian Gulf, the Strait of Hormuz, and the Sea of Oman and establishing a joint mechanism for monitoring and resolving disputes.
US Secretary of State Rubio said there has been slight progress on Iran. Iran is trying to create a tolling system in the Strait, and no nation should accept that. We will be continuing talks with Iran, and there is progress.
“A Pakistani source says that cautious optimism is the prevailing sentiment in the ongoing discussions regarding the planned agreement.”, Al Arabiya reported.
Pakistan source said the US and Iran’s insistence on raising the bar for their demand regarding uranium and the Strait of Hormuz has led to a “crisis in negotiations”, Al Jazeera reported.
Pakistani Interior Minister met again with Iran’s Foreign Minister to study proposals for resolving disputes between US and Iran, Al Jazeera reported, citing the Pakistani Embassy.
Pakistan’s Interior Minister will remain in Tehran on Friday to continue consultations and meet with Iranian officials, while a high-level source said the Pakistani Army Chief would not travel to Tehran on Thursday night, according to Al Arabiya.
Pakistan’s Foreign Ministry spokesperson said China supports mediation efforts and has presented a 5-point initiative.
Iranian National Security Commission member Rezei posted “These negotiations are probably also a hoax and the Americans have no desire for diplomacy”; says “instead of diplomats, send missiles to negotiate.”
Iranian Foreign Ministry said “Everything being circulated about the status of the negotiations is not accurate”, Al ArabyTV reported.
UAE official said there is a ’50-50′ chance of US-Iran Strait of Hormuz agreement, AFP reported.
Unconfirmed reports of explosions in the UAE, Tasnim reported. Details of the explosions have not yet been released.
Iraqi ports said search teams have been mobilised within territorial waters after contact was lost with two ships, while they did not receive any distress calls from the two Bolivian-flagged ships with which contact has been lost.