The interim peace deal to reopen the Strait of Hormuz is receiving a cautious welcome after months of conflict that destabilized the global economy.

The United States and Iran are set to sign an interim peace deal on Friday that will reopen the Strait of Hormuz and potentially end a nearly four-month-long conflict that has killed thousands and upended the global economy. “The deal with the Islamic Republic of Iran is now complete,” US President Donald Trump said on social media on Sunday, which was also his 80th birthday. “I hereby fully authorize the toll free opening of the Strait of Hormuz” along with the “immediate removal” of the US...