Oman and Iran will study the future administration of the Strait of Hormuz and the costs to be charged for services provided, they said in a joint statement Tuesday, insisting on sovereignty over the vital waterway.

The two countries emphasized "their sovereignty and sovereign rights over their territorial waters in the Strait of Hormuz" and "agreed to maintain their dialogue on this issue through a joint working group between the two foreign ministries in order to reach agreement on the future administration of navigation in the Strait of Hormuz and the services that will be provided in this regard and the costs associated with them in accordance with international standards".