According to CoinMeta, and as reported by Tasnim News Agency, Iranian Deputy Foreign Minister Garibabadi stated that Iran and Oman have reached an agreement to close the southern route of the Strait of Hormuz and have informed the International Maritime Organization thereof. The two parties are about to begin negotiations regarding the future management mechanism of the Strait of Hormuz, which are expected to last for about 60 days in order to determine a common arrangement. Iran has indicated that if the relevant requirements cannot be met, the closure of the Strait of Hormuz will continue.