A peace deal between the United States and Iran has been finalized, immediately reopening the strategically crucial Strait of Hormuz to maritime traffic. The agreement includes the lifting of the US naval blockade previously imposed on Iran. Details surrounding the terms of the accord remain limited, but the reopening of the Strait is expected to have significant implications for global oil supplies and regional stability. This development follows a period of heightened tensions in the region, marked by naval incidents and diplomatic disputes. The South China Morning Post highlighted this as one of seven key news stories this week. Further reporting on the agreement and its potential consequences is anticipated. The deal represents a notable shift in US-Iran relations.