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Iran and Oman agreed to establish designated shipping routes through the Strait of Hormuz to restore stability to the passage.
Under the plan, Iran would oversee incoming commercial traffic and Oman would manage outbound vessels.
Technical discussions are continuing on implementation procedures, along with a formal joint declaration.
The agreement does not mean the strait will immediately reopen to unrestricted shipping.
More context
Tehran says broader geopolitical developments, including an end to U.S. naval blockades and sanctions, will determine whether normal navigation can resume.
Separate reporting says Iran is allegedly changing tactics to disrupt shipping in the Strait of Hormuz, citing Reuters and senior Iranian officials.
That account says a U.S. official described Tehran as deploying unarmed spotters in small boats, and said recent incidents included drone strikes on vessels such as the Petro Dolphin.
The same reporting says President Donald Trump said the U.S. is engaged in productive discussions with Iran while maintaining a blockade and claiming large volumes of oil have passed through the waterway.
It also says Axios reported the Pentagon had directed Central Command to complete preparations for a potential renewed campaign if authorized.