Iran and the United States have reached a memorandum of understanding under which Iran will devote all efforts over the next 60 days to ensure the safe passage of commercial vessels through the Strait of Hormuz at no cost. In return, the United States will lift its maritime blockade within 30 days. Iran also plans to hold talks with Oman and Gulf Cooperation Council states to manage Strait of Hormuz maritime services in accordance with international law and regional sovereignty rights.