Iranian Foreign Minister Abbas Araghchi has said control over the strategically vital Strait of Hormuz will not return to its pre-war status.

Araghchi made the remarks as the US and Iran finalize a deal to end the conflict, which began on February 28 with joint US-Israeli bombardments of Iranian territory and the assassination of senior officials, including the country’s longtime supreme leader, Ali Khamenei.

The waterway, which normally handles around a quarter of the world’s seaborne oil and LNG trade, has largely remained closed throughout the war, although President Donald Trump said the US military has helped guide more than 200 ships through the strait.

“The Strait of Hormuz lies under the sovereignty of Iran and Oman. The administration of the waterway will not return to its pre-war arrangement. Iran and Oman will soon issue a joint statement outlining a new framework for the administration of the Strait of Hormuz,” Araghchi said on Friday, according to Iranian media.

He added that Iran will charge passing ships service fees. The country previously insisted on full sovereignty over the strait and said it would collect tolls.

Araghchi said that, under the memorandum of understanding awaiting final approval, the US would, “for the first time in 47 years,” commit to respecting Iran’s sovereignty and non-interference in its domestic affairs. The agreement would also declare an end to the conflict on all fronts, including Lebanon, he said.

He added that the memorandum would give the two sides 60 days to negotiate the fate of Iran’s nuclear program once it is signed.

Iran declared the strait closed to all ships in response to US strikes on Tuesday and Wednesday. Trump later said he called off the attack in an effort to advance peace talks, expressing confidence that an agreement could be signed as early as this weekend.