Iran and Oman will set rules for managing the Strait of Hormuz, the Iranian Ministry of Foreign Affairs (MFA) announced.

The Strait of Hormuz is located in the territorial waters of both Iran and Oman, and the fifth point of the memorandum of understanding on the cessation of hostilities with the US will become the basis for actions to manage shipping in the strait, Iran's MFA responded to a respective statement of the Arab monarchies.

After a meeting in Bahrain on Thursday, the foreign ministers of the six Arab monarchies rejected any attempt to set fees for passage through the Strait of Hormuz.

According to the fifth point of the aforesaid signed memorandum, Iran and Oman will hold negotiations on the future management of the Strait of Hormuz and the provision of maritime services related to it, and other Gulf countries will be included in the dialogue.

Iran's MFA had earlier stated that the payment for shipping in the Strait of Hormuz is conditioned by the provision of services and the preservation of the environmental situation in the Strait of Hormuz, the Persian Gulf, and the Gulf of Oman. At the same time, Iran has committed to not collecting any fees for 60 days from the date of signing the memorandum with the US  from ships passing through the Strait of Hormuz.

Iran and the US signed the aforementioned memorandum remotely on the night of June 18, which implies the end of the military conflict that began on February 28. Also, the memorandum sets the timeframes for when the US will lift its naval blockade of Iran and the latter will restore shipping in the Strait of Hormuz.