New Delhi, Aug. 26 -- Iran and Oman have reached an understanding on how revenues from the Strait of Hormuz will be shared, but Tehran has warned that the vital waterway will remain closed unless the United States accepts its conditions and returns to an earlier agreement.

The development comes as diplomatic efforts to end the war between Iran and the United States remain stalled, with control of the strategic waterway emerging as one of the biggest points of contention.

Islamic Revolutionary Guard Corps (IRGC) spokesperson Hossein Mohebi said on Wednesday that Iran and Oman had held talks for about a month and reached agreements on their respective shares of the Strait of Hormuz's waters and revenues.

"The Strait of Hormuz belongs to ...