Officials in Pakistan announced that the United States and Iran are close to reaching a temporary agreement to cease hostilities in the Middle East, with a deal potentially finalized by this weekend. This development follows a recent escalation in tensions, including missile launches by Iran and military actions by the US. The proposed interim deal could reopen the Strait of Hormuz, a critical waterway for global oil supplies, which has seen disruptions due to ongoing conflicts. Pakistan has been mediating indirect talks between Washington and Tehran, with officials noting that both sides are becoming more amenable to compromise. Despite skepticism from observers, the possibility of a truce has positively influenced global stock markets and reduced oil prices. The proposed agreement includes two phases: the first to end the war and secure safe passage through the Strait, and the second to address Iran's nuclear program. However, significant gaps remain between the two nations' positions, particularly regarding Iran's uranium enrichment and the unfreezing of its overseas assets. As negotiations continue, both sides are under pressure to reach a resolution, with Iran facing severe economic challenges and the US navigating domestic political considerations ahead of upcoming elections.