What does Iran mean by managing the Strait of Hormuz?

Iran announced a new management approach for the Strait of Hormuz, redefining its role in regional maritime security and declaring an end to Western unilateral dominance. This comes after the recent 60-day events, particularly the failure of the recent large-scale military campaign, signaling that even the most advanced foreign military bases cannot protect themselves. This new management aims to transform the Strait of Hormuz into a space for the security of regional nations, purging one-sided American interpretations of international law.