Iran and Oman Seek Agreement on the Hormuz in Bid to Jumpstart Peace Talks

Maritime traffic through the Strait of Hormuz remained sharply reduced Tuesday, even as a weekend pause in hostilities between the United States and Iran entered its second day, offering the first tentative signs that one of the world's most critical oil chokepoints could begin returning to more normal operations.

Reuters reports Gulf states support Oman's proposal for a joint mechanism with Iran to manage the Strait of Hormuz through voluntary user fees.

Iran and Oman huddled throughout the weekend and into Monday to hammer out an arrangement for ships to safely pass through the strait.

Hostilities around the waterway have ceased since last Friday after President Donald Trump decided to halt them to give diplomacy a chance.