Iran and Oman have reached an agreement on sharing revenue generated from shipping through the Strait of Hormuz, according to Hossein Mohebbi, a representative of Iran’s Islamic Revolutionary Guard Corps (IRGC).

“During these negotiations, agreements were reached on the share of each of the two countries in the waters of the strait, as well as on the share of revenues for Iran and Oman,” Mohebbi said, according to Tasnim.

He also claimed that the Strait of Hormuz belongs to Iran and Oman, adding that the strategic waterway would remain open if the US adheres to previously reached agreements.

The comments come amid heightened tensions surrounding the strategically vital waterway, through which a significant share of global energy shipments passes.

According to the report, the US and Israel launched military action against Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding calling for an immediate cessation of hostilities on all fronts, including Lebanon.

However, the report says the US resumed large-scale strikes against Iran overnight on July 8, accusing Tehran of violating the agreements concerning the Strait of Hormuz.