Iran and Oman issued a joint statement on Tuesday saying that they are planning to jointly manage commercial shipping traffic passing through the Strait of Hormuz. 

"The services that will be provided in this regard and the costs associated with them in accordance with international standards," their joint statement read, CBS News reported. 

Both countries share coastlines with the waterway that's vital to shipping out of the Persian Gulf. In the statement, they reiterated their "sovereignty and sovereign rights over their territorial waters in the Strait of Hormuz" and their "commitment to maintaining the Strait of Hormuz as a secure and open waterway for international navigation."

The memorandum of understanding signed last week that stands as an interim peace deal while a more permanent end to the war is negotiated requires Iran to conduct a dialogue on the future of maritime services in the strait. That discussion must be in line with applicable international law, the memorandum states. It doesn't prohibit charging fees for passage. 

Iran has stated it intends to charge tolls, but it won't do so during the negotiation period with the U.S.