US-Iran backchannel talks are moving toward a two-stage peace framework, with a ceasefire first, followed by a final agreement within 15 to 20 days. The proposed settlement, tentatively dubbed the “Islamabad Accord,” includes reopening the Strait of Hormuz, nuclear curbs, sanctions relief and release of frozen assets. However, Iran has rejected reopening the Strait of Hormuz during a temporary ceasefire, seeking guarantees against future US-Israel attacks before any major concession. The proposal is reportedly backed by Pakistan, China and the United States, with final in-person talks expected in Islamabad.