New Delhi, April 2 -- As the world awaits the reopening of the Strait of Hormuz, Iran and Oman are drafting a protocol to "monitor transit" via the Strait, CNBC reported on Thursday, citing IRNA.

Kazem Gharibabadi, Iran's deputy foreign minister of legal and international affairs, said the tanker traffic through the key oil-shipping route must be supervised and coordinated. He reportedly added, "Of course, these requirements will not mean restrictions, but rather to facilitate and ensure safe passage and provide better services to ships that pass through this route."

The development came days after reports suggested that Tehran was working on a draft bill that would impose a fee on vessels seeking safe passage through the Strait of Horm...