Iran's deputy foreign minister said Wednesday that Iran and Oman have reached an understanding on nearly all issues on future Strait of Hormuz arrangements, adding that a final understanding is “on the verge of being finalized."

Their understanding includes the location of entry and exit routes for maritime traffic, Kazem Gharibabadi said, The Caspian Post reports, citing Anadolu Agency.

He added, however, that "this understanding does not mean the complete opening of the Strait of Hormuz."

It represents "rather a new and different model from the past 60-year practice," he said.

“In order to enter a second phase, Iran needs to assess whether the US is truly prepared to return to its commitments or not," he said.

Iran’s ongoing talks with Oman are also focused on "future administration arrangements" aimed at defining a long-term framework for managing the Strait of Hormuz, he added.