Bangladesh, April 6 -- Iran and the United States have received a plan to end hostilities that could come into effect on Monday and reopen the Strait of Hormuz, a source aware of the proposals said on Monday.

A framework to end hostilities has been put together by Pakistan and exchanged with Iran and the US overnight, the source said, outlining a two-tier approach with an immediate ceasefire followed by a comprehensive agreement.

"All elements need to be agreed today," the source said, adding the initial understanding would be structured as a memorandum of understanding finalised electronically through Pakistan, the sole communication channel in the talks.

Axios first reported on Sunday that the United States, Iran and regional mediat...