Oman presented Iran with a proposal for a joint regional mechanism to manage the Strait of Hormuz and collect voluntary fees. The proposal has regional backing and would prevent Iran from exercising sole control over the waterway, the source said.
The proposal is based on the Strait of Malacca, where those who use the strait voluntarily contribute to fund navigation, environmental protection and search and rescue.
The U.S. abruptly suspended a campaign of air strikes against Iran over the weekend, raising hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz – which carried a fifth of global energy supplies before the conflict.
President Donald Trump said on Monday the United States was having “good talks” with Iran and there was a chance of a deal, but he warned that U.S. strikes would resume if the negotiations failed to deliver.
Iran’s Foreign Minister Abbas Araqchi discussed the Strait of Hormuz with his Omani and Saudi counterparts on Monday.
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