Iran and Oman are close to reaching an agreement to restore commercial maritime traffic through the Strait of Hormuz, The New York Times reported Monday, citing Iranian and US officials, Anadolu reports.

Under the potential deal, the report said, vessels entering the Gulf would travel through a shipping channel controlled by Iran and close to its coast, while outbound traffic would use a channel near Oman.

Iranian officials told The New York Times that no tolls would be charged but said the agreement includes a “service fee” to cover environmental impacts, security for cargo ships and tankers, and staffing costs. They added that the revenue would be shared equally between Iran and Oman.

READ: Iran says final Hormuz proposal to Oman requires control of key shipping lanes

A US official said that the Iranian account was “not accurate,” saying any “temporary” shipping routes through the strait would not require Iranian approval and would not involve tolls.