Oman has proposed a joint regional mechanism to Iran for managing the Strait of Hormuz. The proposal is based on the Malacca Strait model, where vessels transiting the strait pay voluntary contributions.
The plan does not envisage Iran holding sole control of the strategic waterway. The regionally supported mechanism includes voluntary contributions to finance navigation, environmental protection, and search and rescue operations.
The US's sudden suspension of airstrikes against Iran over the weekend has strengthened hopes for a diplomatic solution to resume maritime traffic in the Strait of Hormuz, which carries a fifth of the world's energy supply.
US President Donald Trump said on Monday that they were having "good talks" with Iran and that a deal was possible. However, Trump warned that US strikes would resume if the negotiations did not yield results.
Iranian Foreign Minister Abbas Araghchi discussed the Strait of Hormuz with his Omani and Saudi counterparts on Monday. A statement from the Iranian Foreign Ministry said Araghchi "stressed the need to strengthen cooperation and advance joint diplomatic efforts to establish stability in the region and eliminate the insecurity imposed on the Strait of Hormuz due to the aggressive actions of the US."