Iran and Oman are nearing an agreement to jointly manage shipping routes through the Strait of Hormuz, the strategic maritime chokepoint in the Persian Gulf.

Under the specifics of the proposed route management arrangement, vessels entering the Strait of Hormuz would follow waters controlled by Iran, while those exiting would follow waters controlled by Oman, Asia Today reported.

A service fee would be charged to vessels to cover environmental, security, and personnel costs, split evenly between the two countries.

Iran's Foreign Ministry spokesman Esmaeil Baghaei said that day that Iran and Oman have already exchanged route maps, describing this as a procedure to clarify vessel routes and saying it is focused on establishing a new corridor for vessels transiting the strait.

Baghaei added that the negotiations do not extend to broader issues, including relations with the U.S., saying there are currently no direct negotiations with the U.S., and that matters involving the U.S. would be addressed at a later stage.

The Strait of Hormuz has long operated under an internationally agreed Traffic Separation Scheme (TSS). To prevent ship collisions in the narrow waterway, one-way north-south lanes are designated, with most routes passing through Omani territorial waters.

However, as tensions in the Middle East have recently intensified, Iran has moved in earnest to restructure the existing navigation system.

The Strait of Hormuz is a passage for roughly 20% of the world's oil, so a new management system, if established, would be expected to have major ripple effects on international energy markets, the NYT noted.

Even if Iran and Oman reach an agreement, many obstacles remain in actually implementing such a system.

U.S. President Donald Trump has stressed that free navigation through the Strait of Hormuz is an international principle and has strongly opposed any plan to charge vessels fees or tolls.

Trump, who abruptly canceled a planned military strike on Iran over the weekend, explained the decision as one that took into account the possibility of reopening the strait and requests for restraint from regional allies such as Saudi Arabia.

Since the Strait of Hormuz is a critical route for international shipping and energy transport, growing expectations suggest that if the U.S. continues to oppose the plan, it will be difficult for an Iran-Oman agreement to actually become institutionalized within the international community.