Bangladesh, June 18 -- Few countries have demonstrated a greater ability to position themselves as indispensable geopolitical intermediaries than Pakistan. Throughout the Cold War and beyond, Islamabad repeatedly leveraged its strategic location and security partnerships to secure political influence, military support, and economic assistance from major powers.

Today, as debate intensifies over the recently reported understanding between the United States and Iran, a new question is emerging in diplomatic and security circles: Has Pakistan once again succeeded in placing itself at the center of a major geopolitical realignment, and if so, who stands to benefit most from the outcome?

For decades, Pakistan has played a complex role in reg...