A potential plan to halt hostilities between Iran and the United States could be implemented as soon as Monday, aiming to reopen the crucial Strait of Hormuz, according to a source familiar with the situation.

Pakistan has crafted a framework aimed at ending the conflict, which has been shared with both Iran and the U.S. overnight. This plan proposes an immediate ceasefire followed by negotiations for a comprehensive peace agreement.

“It’s essential for all parties to reach an agreement today,” the source mentioned, highlighting that the initial understanding would be formalized as a memorandum of understanding, facilitated electronically via Pakistan, which is serving as the sole communication channel in these discussions.

Axios reported on Sunday that negotiations involving the U.S., Iran, and regional mediators are considering a 45-day ceasefire as part of a two-step strategy to achieve a lasting resolution to the conflict, citing sources from the U.S., Israel, and the region.

A source informed Reuters that Pakistan’s army chief, Field Marshal Asim Munir, has been in continuous talks with U.S. Vice President JD Vance, special envoy Steve Witkoff, and Iran’s Foreign Minister Abbas Araqchi throughout the night.

The proposed plan includes an immediate ceasefire that would reopen the Strait of Hormuz and sets a 15-20 day period to finalize a broader peace agreement. This tentative deal, referred to as the “Islamabad Accord,” envisions a regional framework for managing the strait, with final negotiations to take place in Islamabad.

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

Iranian officials have previously told Reuters that Tehran was seeking a permanent ceasefire with guarantees they will not be attacked again by the US and Israel.

They have said Iran has received messages from mediators including Pakistan, Turkey and Egypt.

The final agreement is expected to include Iranian commitments not to pursue ​nuclear weapons in exchange for ​sanctions relief and the ⁠release of frozen assets, the source said.

Two Pakistani sources said Iran has yet to commit despite intensified civilian and military outreach.

“Iran has not responded yet,” one source said, adding ​proposals backed by Pakistan, China and the United States for a temporary ceasefire ​have drawn no ⁠commitment so far.

There was no immediate response from Chinese officials to requests for comment.

The latest diplomatic push comes amid escalating hostilities that have raised concerns over disruption to shipping through the Strait of Hormuz, a critical artery for global oil ⁠supplies.

US President ​Donald Trump has in recent days publicly pressed for a rapid end ​to the conflict, warning of consequences if a ceasefire is not reached within a short timeframe.

The conflict has heightened volatility in energy markets, ​with traders closely watching any developments that could affect flows through the strait.