Skip to content
Briefings are running a touch slower this week while we rebuild the foundations.See roadmap
Iran Conflict 2026
24MAY

Pakistan Brokers First Ceasefire Framework of the War

3 min read
14:49UTC

The Islamabad Accord offers specific terms for the first time in six weeks of conflict, but Iran's military council holds the veto.

ConflictAssessed
Key takeaway

Pakistan produced the terms; Iran's military council holds the veto.

Pakistan has produced the first concrete ceasefire framework of the war . The two-tier plan, negotiated overnight by Field Marshal Asim Munir, calls for an immediate ceasefire followed by a 15-to-20-day comprehensive settlement period. Iran would commit to abandoning nuclear weapons pursuit. In return: sanctions relief, frozen asset releases, and immediate Strait of Hormuz reopening. The memorandum of understanding would be finalised electronically, with Pakistan as the sole channel.

The key players in the room: Vice President JD Vance, Special Envoy Steve Witkoff, and Foreign Minister Abbas Araghchi. Ynet News reported the ceasefire could take effect as early as Monday 7 April, though this is a single-source claim that should be treated with caution.

Iran's civilian government, which might accept terms, cannot reach the Supreme Leader . The IRGC military council that controls access to Mojtaba Khamenei benefits from continued conflict. The Islamabad Accord asks the IRGC to negotiate away its own wartime authority. No ceasefire framework in history has succeeded when the veto holders profit from the war it would end.

China pledged strategic coordination with Pakistan on the mediation effort. Beijing's backing gives the accord geopolitical weight that previous mediation attempts lacked. But weight is not leverage. The accord exists because five empty deadlines created a vacuum. Whether it can fill that vacuum depends on actors in Tehran who have spent six weeks proving they answer to no one.

Deep Analysis

In plain English

Pakistan put forward a peace plan with specific terms for the first time in six weeks of war. The plan says: stop fighting immediately, then negotiate a full deal over the next two to three weeks. Iran would give up its nuclear weapons programme and get sanctions lifted in return. The problem is that the people who would need to agree to it in Tehran are the same people whose power depends on the war continuing.

Deep Analysis
Root Causes

The ceasefire vacuum exists because US coercive diplomacy required credible escalation, which five deadline extensions destroyed.

Pakistan's mediation opportunity is a direct consequence of Washington's inability to enforce its own threats. The IRGC's wartime power consolidation means the actors who could accept peace are not the actors who hold the veto.

Escalation

De-escalatory in intent, but the framework's existence does not change structural barriers. Iran's non-response is itself an escalation indicator: silence preserves optionality for the IRGC while the civilian government lacks authority to commit. If the accord collapses, the diplomatic space it briefly opened closes harder than before.

What could happen next?
  • Pakistan-China axis becomes the primary mediation channel, displacing US bilateral leverage

    days · Assessed
  • Immediate Hormuz reopening, if achieved, could cut oil prices by $20 or more per barrel within a week

    weeks · Suggested
  • IRGC faces first external framework that offers Iran's civilian government a concrete alternative to war

    days · Assessed
First Reported In

Update #60 · Pakistan's Ceasefire Plan Fills the Vacuum

Al-Monitor / Reuters· 6 Apr 2026
Read original
Different Perspectives
Lloyd's of London
Lloyd's of London
The Joint War Committee left Hormuz war-risk premiums at $10-14 million per voyage on 25 May, declining to move on Brent's 5% fall. The JWC's protocol requires a UN Security Council resolution or bilateral government certification letter before de-listing, and neither has arrived: a verbal understanding does not satisfy the formal condition the reinsurance market's treaty terms require.
Gulf Arab producers
Gulf Arab producers
Saudi Arabia and UAE depend on Hormuz for their own crude exports; Aramco CEO Nasser has warned no oil market recovery arrives until 2027 if the blockade continues past mid-June. Monday's $98.96 Brent settlement shortens nothing for Gulf producers without a signed instrument and a Pentagon mine-clearance timeline that runs up to six months post-ceasefire.
Qatar
Qatar
Qatar holds $12bn of frozen Iranian assets at the centre of the sequencing dispute but cannot release them without explicit US Treasury authorisation, given the original freeze was a US instrument. As the asset-holding state, Qatar's leverage is real but passive: it is the escrow holder, not the decision-maker, and any resolution requires US Treasury sign-off that Trump has withheld.
Pakistan
Pakistan
With both Prime Minister Sharif and army chief Munir simultaneously in Beijing on 25 May, Pakistan has for the first time consolidated its civilian and military mediation tracks under China's roof. Munir's direct Tehran-to-Beijing flight signals that the security and financial threads of the sequencing problem are now being worked in parallel rather than sequentially.
China
China
Beijing hosted Pakistan's principal mediators and Iran's China envoy Ghalibaf simultaneously on 25 May while its banking regulator capped new state-bank lending to five sanctioned refiners. China is simultaneously the most credible third-party underwriter of the $12bn sequencing and the state whose institutions face live OFAC secondary-sanctions exposure if the deadlock persists through GL V's expiry.
United States
United States
Trump posted on 24 May that the blockade holds until a deal is certified and signed, ruling out the informal MOU structure both sides had been building. The 'certified, and signed' condition is the first operational bar Trump has attached in 87 days, but it arrived without an executive instrument, maintaining the gap between posted ultimatum and signed US policy.