Iran War: Pakistan, Egypt, Turkey Propose 45-Day Ceasefire; Trump Calls Iran's Counter 'Not Good Enough'; April 6 Deadline Looms

With Trump's April 6 Strait of Hormuz deadline hours away, a joint ceasefire proposal from Pakistani, Egyptian, and Turkish intermediaries circulated over the Easter weekend of April 5–6. The plan called for a 45-day ceasefire, the reopening of the Strait of Hormuz to international shipping, and the start of formal negotiations on sanctions relief and reconstruction. Iran transmitted a separate 10-point counter-response via Pakistani mediators that included a protocol for safe passage through the Strait, compensation for war damages, sovereignty recognition for Hormuz, Hezbollah's inclusion in any ceasefire framework, and the lifting of sanctions as a precondition to any agreement. Trump described Iran's counter-proposal as 'significant' but 'not good enough,' rejecting both the 45-day ceasefire framework and the precondition of sanctions relief. He demanded Iran reopen the Strait of Hormuz immediately — before any formal deal — setting a hard deadline of Tuesday April 6 at 8:00 p.m. ET. US equity markets rose cautiously by +0.3% on Sunday evening futures, pricing in ceasefire optimism; oil pulled back slightly below $100/barrel for the first time in two weeks as traders assessed the possibility of a breakthrough. Penn Wharton Budget Model estimated Operation Epic Fury had cost approximately $47 billion through April, or approximately $1 billion per day of active operations.