A fragile two-week US-Iran ceasefire, announced by President Trump on April 7 amid escalating military tensions and a prior deadline, remains in effect as both sides prepare for high-stakes peace talks in Islamabad, Pakistan, starting this weekend. Vice President JD Vance and US envoys, including Steve Witkoff and Jared Kushner, will negotiate Iran's 10-point proposal covering nuclear constraints, sanctions relief, proxy activities in Lebanon and Yemen, and reopening the Strait of Hormuz, where traffic stays low. Recent strains include Iranian accusations of Israeli violations and Trump's renewed threats, heightening risks of breakdown despite de-escalation signals. Traders eye the talks' outcomes for potential extensions or permanent deals, with historical bilateral talks often stalling on verification and enforcement.