Pakistan-proposed ceasefire plan

The diplomatic initiative comes as the U.S. deadline for strikes on Iranian infrastructure fast approaches, with markets on edge over the potential for escalation.

While Tehran has reportedly reviewed the plan, officials have expressed skepticism about the U.S. commitment to a long-term nuclear deal, which is a key condition for the ceasefire.

The proposal also includes provisions for the withdrawal of forces from strategic islands and a freeze on ballistic missile tests.

Mediators are hopeful that the plan will provide an 'off-ramp' for both sides, though significant hurdles remain regarding verification and trust.