Iran and Oman will start coordinating a large-scale evacuation of stranded vessels through the Strait of Hormuz, in cooperation with the US and nearby coastal states, the International Maritime Organization said Tuesday.

The global shipping regulator announced it has secured enough safeguards to begin evacuating more than 11,000 seafarers who have been stranded in the Middle East amid the US and Israel’s war with Iran, which broke out on Feb. 28.

Brent crude oil prices plummeted to $73.04 a barrel Wednesday – their lowest price since the day before the war started – and US stocks ticked up as traders hoped traffic would quickly resume throughout the strait.

“We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations,” IMO Secretary-General Arsenio Dominguez said in a statement.

“We remain fully committed to ensuring the safety of seafarers and the continuity of global trade.”

But the evacuation operation involves a complex process that will take time, as shipmasters are urged to “not move” and instead must “wait to be contacted” by coordinating agencies, according to the IMO.

The ships can choose their preferred route and coordinate with coastal authorities on their passage, while Iran and Oman will manage traffic flow and make sure collisions are avoided, the IMO said.

Some vessels have already exited the Strait of Hormuz over the past few days, after the US and Iran signed a Memorandum of Understanding that gives the two nations 60 days to reach a final agreement.

The Joint Maritime Information Center, however, has warned that Iran has continued to harass and surveil vessels in the Persian Gulf.

Meanwhile, Iran and Oman have agreed to work on an agreement over their future oversight of the waterway – including how to manage costs.

In a social media post, the Foreign Ministry of Oman wrote that it is seeking to ensure “freedom of navigation in the strait without imposing transit fees.”

Iranian officials have discussed charging ships for safe passage through the strait – claiming they would impose fees for unspecified services, not universal tolls. Shipping experts have argued that justification chalks up to mere semantics.

Shortly after arriving in Abu Dhabi for a visit to the Middle East Tuesday, Secretary of State Marco Rubio said “no country” can charge ships for passage through the strait, citing “existing international law.”

President Trump has toyed with the idea of placing American tolls to transit the strait, most recently writing in a social media post Saturday that there will be no charges to pass through the waterway “unless they are imposed by and for the United States of America.”