A multinational consortium may take over the management of navigation in the Strait of Hormuz under a plan being promoted by the administration of United States President Donald Trump.

Diplomatic sources told the Telegraph that US Secretary of State Marco Rubio presented the proposal during a meeting of G7 foreign ministers last week. According to one version of his remarks, Rubio stressed that the proposed model would ensure “free and fee-free movement” through the strategic sea route, through which a significant proportion of the world’s oil trade passes.

Meanwhile, according to Reuters, a second proposal has been formulated as part of talks between Pakistan and regional powers. A source in Islamabad, quoted by the publication, said the new plan had been shared with the White House ahead of Sunday’s talks.

The proposal also calls for the creation of a multinational consortium involving Pakistan, Egypt, Turkey and Saudi Arabia to manage the flow of oil through the Strait of Hormuz.

According to the same sources, the idea of setting up a management consortium has been discussed with both the United States and Iran, suggesting an attempt to form a broader framework for cooperation to ensure energy flow and security of navigation.

In contrast to the US approach, the second proposal includes the imposition of a transit fee, along the lines of the Suez Canal. Ships transiting the Canal would pay a special fee, which is determined by size, weight and cargo.