Markets reacted to reports of backchannel diplomacy involving Iran, Pakistan, and the United States. WTI crude fell from $108 to $103 per barrel within four hours, while Bitcoin rose nearly 3% to $78,700 on May 1. Earlier reports said Iran submitted a new proposal through Pakistan that may focus on ending the war, and Axios reported that the United States sent Iran a revised nuclear deal list via Pakistani intermediaries. The moves suggested easing geopolitical and oil-supply concerns, which reduced pressure in energy markets and improved broader risk sentiment across global assets.