In an interview with IRNA, he added that the agreement would guarantee free movement along the Persian Gulf.
Supporting the Initiative of Hormuz Peace Endeavor (HOPE) put forward by President Hassan Rouhani at the UN General Assembly, he described it as "a significant package" that could be a basis for building up an agreement.
He went on to say that the initiative requires the endorsement by Oman, Kuwait, Qatar and particularly by Bahrain as well as Saudi Arabia due to the fact that it benefits them.
Elsewhere in his remarks, Straw termed the Joint Comprehensive Plan of Action (JCPOA) as a good deal if not perfect, adding that the US should come back to negotiate with Iran.
Iran is not going to come to the negotiating table on its knees and the JCPOA could be repackaged under the same elements, he reiterated.
At first, the re-engagement should be carried out to build confidence in this regard, he said, adding that the negotiation should be done privately and with taking the Iranian national dignity into consideration.
Recently, Iran has invited all the countries affected by the developments in the Persian Gulf and the Strait of Hormuz to the Hormuz Peace Endeavor or the HOPE Coalition.
The coalition aims at enhancing peace, stability, progress, and welfare for all the residents of the Strait of Hormuz.
It will also lead to mutual understanding and peaceful and friendly relations among them; this initiative encompasses various avenues of cooperation such as the collective supply of energy, freedom of navigation and free movement of oil and other resources from and to the Strait of Hormuz and beyond.
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