Iran will be ready to present the details of its peace plan for the strategically important Strait of Hormuz "soon," Foreign Ministry spokesman Abbas Mousavi said Tuesday. The plan, announced by President Hassan Rouhani at the U.N. General Assembly last month, is meant to bring together the Gulf states in a so-called "coalition of hope" to safeguard shipping in the area, with involvement from the U.N., but excluding other foreign powers. Mousavi told state broadcaster IRIB that the details would be presented to the participating countries; Bahrain, Qatar, Kuwait, Oman, Saudi Arabia, the United Arab Emirates (UAE) and Iraq, as well as the U.N. in due course.

Tensions have soared around the Strait of Hormuz, a critical oil shipping waterway that lies between Iran and Oman. The U.S. has boosted its military presence in the region and at least six oil tankers have been targeted in the Gulf of Oman in unclaimed acts of sabotage that the U.S. blames on Iran. Iran has denied any involvement in those attacks.

The U.S. Energy Information Administration (EIA) estimated that 18.5 million barrels per day (bpd) of seaborne oil passed through the waterway in 2016. That was about 30% of crude and other oil liquids traded by sea in 2016. With global oil consumption standing at about 100 million bpd, that means almost a fifth passes through the strait. Most crude exported from Saudi Arabia, Iran, the UAE, Kuwait and Iraq, all members of the Organization of the Petroleum Exporting Countries (OPEC), is shipped through the waterway. It is also the route used for nearly all the liquefied natural gas (LNG) produced by the world's biggest LNG exporter, Qatar.