A vessel in the Strait of Hormuz, as seen from Musandam,Oman, July 16, 2026. (photo credit: REUTERS/STRINGER/FILE PHOTO) Oman has presented a proposal to Iran for joint regional management of the Strait of Hormuz with shipping firms paying voluntary fees, a Gulf source told Reuters on Tuesday. The Strait of Hormuz, which carried a fifth of global oil and liquefied natural gas before the Iran war, has become the main hurdle in peace talks and a flashpoint for repeated escalations in the conflict. Iran has said the strait cannot go back to its pre-war status where shipping flowed freely, while Gulf states insist there be no mandatory payment of fees to Iran.