The meeting focused on proposals to reopen the vital shipping lane, including establishing a joint management mechanism for oil and gas flows and the introduction of a fee collection system similar to that of the Suez Canal.

Those proposals have been conveyed to the US and discussed with Iran. A joint statement is expected to be issued at the conclusion of the 2-day meeting.

The Strait of Hormuz, which handles around 20% of global oil and liquefied natural gas supplies, has been largely closed since the US-Israel conflict with Iran began in late last month, disrupting global energy markets and supply chains.