Sources said the proposed deal would involve a two phase process, beginning with a temporary ceasefire that could pave the way for a permanent agreement. However, chances of securing even a partial deal within the next 48 hours remain slim.
Donald Trump had set a deadline for Iran to reopen the Strait of Hormuz, warning of major strikes on critical infrastructure if no agreement is reached. He reiterated that failure to secure a deal could lead to attacks targeting key civilian infrastructure.
The conflict, which has continued for more than five weeks, began after joint US Israeli strikes on Iran on February 28. Since then, Tehran has effectively restricted access to the Strait of Hormuz and launched retaliatory attacks on US and allied targets in the Gulf.
According to officials, operational plans for a large scale US Israeli bombing campaign targeting Iran’s energy facilities are ready, though the extension of the deadline is aimed at allowing more time for diplomacy.
Negotiations are being conducted through mediators including Pakistan, Egypt and Turkiye, as well as indirect communication between US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi.
Pakistan has emerged as a key facilitator in the crisis, relaying messages between Washington and Tehran and supporting efforts to de escalate tensions.
Sources said the proposed first phase includes a 45 day ceasefire, during which negotiations would continue toward a permanent end to the war. The ceasefire could be extended if needed.
The second phase would focus on a comprehensive agreement, including the reopening of the Strait of Hormuz and addressing concerns over Iran’s highly enriched uranium, either through removal or dilution.
Mediators are also exploring confidence building measures, including limited steps by Iran on shipping access and assurances from the United States that any ceasefire would lead to a lasting solution.
Iranian officials, however, have expressed concerns about temporary ceasefire arrangements similar to past agreements in Gaza and Lebanon, where fighting resumed despite formal deals.
Officials warned that any large scale strikes on Iran’s energy infrastructure could trigger a severe response, including attacks on oil and water facilities across Gulf states.
Mediators have described the next 48 hours as critical in preventing further escalation, though Iran has maintained a hardline public stance and signaled that conditions in the Strait of Hormuz may not return to pre war norms.
