The best hope for the ceasefire talks in Pakistan is that both the United States and Iran have strong reasons to call a halt to the war. The biggest obstacle to their success is a total absence of trust, no discernible common ground and the fact that Israel, America's full partner in the war, has hugely escalated its onslaught on Lebanon.

US President Donald Trump is already speaking about the war in the past tense. He has declared victory and needs an exit. Not only does he have a state visit from King Charles in the diary for later this month, followed by a summit with China's President Xi Jinping in May, there are midterm elections in November. With America's summer holiday season looming, Trump also needs petrol prices to fall back to where they were before he went to war. Royal visits, summits and elections do not mix well with wars.

Iran's regime has its own reasons to end the war. It is as defiant as ever, still able to launch missiles and drones, with its social media warriors pouring out AI videos lampooning Donald Trump. But Iran has suffered massive damage. Cities have come to an economic standstill, and the regime needs time to regroup and will try to use the talks in Pakistan to strengthen its position.

The Pakistani intermediaries who will be shuttling between the two delegations have a tough job on their hands. The declared positions of the two sides are as far apart as it is possible to be.

At the heart of the negotiations lies the Strait of Hormuz, a vital waterway for global oil shipments, whose blockade gives Iran strategic leverage over the world economy. Both sides must navigate the complexities of their demands and the broader implications for regional stability.

As ceasefire talks unfold, the potential for renewed conflict looms, driven by external pressures and internal factions. The fate of the Middle East hinges on the outcomes of these critical negotiations and the choices made by the involved nations.