there is an international body that exists to oversea the law of the sea. countries being denied transit should be suing iran in court for damages. if actual international law is actually applied, the iranians should be forced to pay for the damages they caused in the gulf countries and be liable for losses incurred as a result of illegally closing the straits.

it's not up for the united states to concede control of the strait to iran. the united states has no jurisdiction in the matter. any agreement ceding control of the straits in exchange for something like free oil has no basis in any law but is the magical thinking of an idiot president and a terrorist government, who are apparently discussing colluding with each other to continue to harass and terrorize the people around them.

iran is a signatory to the treaty. the united states is not.

https://en.wikipedia.org/wiki/International_Tribunal_for_the_Law_of_the_Sea