Under the Omani proposal, which has regional backing, Iran would not exercise sole control of ​the vital waterway, the source added.

The proposal is ​based on the Strait of Malacca, where those ⁠who use the strait voluntarily contribute to fund navigation, ​environmental protection and search and rescue.

The US abruptly suspended ​a campaign of air strikes against Iran over the weekend, raising hopes of a diplomatic solution that would allow shipping to resume ​in the Strait of Hormuz — which carried a ​fifth of global energy supplies before the conflict.

President Donald Trump said on ‌Monday ⁠the United States was having “good talks“ with Iran, and there was a chance of a deal, but he warned that US strikes would resume if the negotiations failed ​to deliver.

Iran’s ​Foreign Minister Abbas ⁠Araqchi discussed the Strait of Hormuz with his Omani and Saudi counterparts on ​Monday.

“He emphasised the need to strengthen cooperation and ​advance ⁠joint diplomatic efforts to establish stability in the region, and lift the insecurity imposed on the Strait of Hormuz ⁠due ​to the aggressive actions of ​the United States,” according to Iran’s foreign ministry statement.