The New York Times, citing U.S. and Iranian officials:

Under an agreement that is taking shape, incoming ships entering the Persian Gulf via a sea route under Iranian control and near the country’s coasts will pass through. In return, outgoing ships from the Persian Gulf will transit through a channel near the coasts of Oman.

The agreement would also include the payment of “service fees” to cover the costs of protecting the marine environment, providing security for commercial vessels and tankers.

If this agreement is implemented, it could carry a heavy price—that is, approval of Tehran’s control over what had been, before the war, a free international waterway.