Oman has presented Iran with a Gulf-backed proposal to jointly manage the Strait of Hormuz, including a system of voluntary fees for ships using the strategic waterway, according to a Gulf source and a Western diplomat. Muscat- Oman has presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz, including collecting voluntary fees for using it, a Gulf source and a Western diplomat told Reuters on Tuesday. Iran effectively shut the strait to ships other than its own after the United States and Israel attacked on February 28. Israel was involved in the initial bombing campaign but has not been part of subsequent peace talks. The end of the US bombing campaign over the weekend sent oil prices tumbling by around 8% on Monday, and the fall continued on Tuesday.