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It practically became a joke on social media: an almost daily announcement by U.S. President Donald Trump that a deal with Iran to end the war and reopen the Strait of Hormuz was near—often suspiciously timed just before markets opened—followed a few hours later by denials on both sides and a return to the status quo. In fact, it happened so often that one journalist, the source of many of these reports, was described by another as “the boy who cried ‘Iran deal.’”

Nonetheless, a deal, or the concept of a deal, does finally appear to be here—one that ends the military operation on all fronts as well as the U.S. naval blockade on Iran. Despite the lack of detail, there is little doubt that such an agreement is better than not having an agreement. Yet, as Trump has attempted to extricate the United States from his unwise war with Iran—and finally seems to have managed it—the loudest, most vocal critics are likely to be those who talked him into it in the first place.

It practically became a joke on social media: an almost daily announcement by U.S. President Donald Trump that a deal with Iran to end the war and reopen the Strait of Hormuz was near—often suspiciously timed just before markets opened—followed a few hours later by denials on both sides and a return to the status quo. In fact, it happened so often that one journalist, the source of many of these reports, was described by another as “the boy who cried ‘Iran deal.’”

Nonetheless, a deal, or the concept of a deal, does finally appear to be here—one that ends the military operation on all fronts as well as the U.S. naval blockade on Iran. Despite the lack of detail, there is little doubt that such an agreement is better than not having an........

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