What is Iran’s Strait of Hormuz protocol and will other nations accept it?

The Strait of Hormuz, through which 20% of the world's oil and liquefied natural gas supplies are shipped, has garnered global attention since the US and Israel began their war on Iran in February. Following Iranian attacks on merchant ships, passage was halted, leading to a global energy crisis. A two-week ceasefire was declared, and Iran issued terms for future control of the strait, which may not be accepted by the US and other nations.