Asian nations are reacting with relief but caution to the US-Iran peace deal, awaiting concrete results regarding the Strait of Hormuz and oil prices.

The US-Iran peace deal is likely to bring immediate relief but not yet reassurance for Asia, as leaders across the region watch whether the Strait of Hormuz reopens, oil prices ease and the agreement can withstand the nuclear talks and geopolitical distrust still ahead, analysts say. The agreement, mediated by Pakistan and scheduled to be signed on Friday in Switzerland, is intended to end more than three months of war in the Gulf, halt the US blockade of Iran and reopen one of the world’s most....