Efforts to end hostilities between Iran and the United States may soon bear fruit, as a proposed plan suggests peace could be restored as early as Monday, potentially reopening the crucial Strait of Hormuz, according to a source quoted by Reuters.

Pakistan has reportedly developed a peace framework, shared overnight with both Iran and the United States, aimed at de-escalating tensions. The plan seeks to address ongoing conflicts and establish a pathway to lasting peace.

The proposal outlines an immediate ceasefire, setting the stage for a permanent resolution to the conflict. The urgency of the matter is underscored by the source’s statement that, “All elements need to be agreed today.”

In efforts to broker peace, Pakistan’s army chief, Field Marshal Asim Munir, has been in continuous dialogue with key figures, including US Vice President JD Vance, special envoy Steve Witkoff, and Iranian Foreign Minister Abbas Araqchi, as reported by Reuters.

The peace initiative, referred to as the ‘Islamabad Accord’, proposes an immediate halt to hostilities and the full reopening of the Strait of Hormuz. The plan allows for a 15 to 20-day window to finalize a comprehensive peace agreement.

Under the proposal, dubbed the ‘Islamabad Accord’, a ceasefire would take effect immediately and the Strait of Hormuz would be reopened fully, with 15 to 20 days to finalise a broader settlement.

There was no immediate response from US and Iranian officials. Pakistan’s foreign office spokesperson Tahir Andrabi declined comment.