US oil companies signed $60B in deals with Iraq to develop alternative pipelines and reduce reliance on the Strait of Hormuz for global oil exports.

Oil agreements have been announced or are expected to be signed on Friday, toward the end of Iraqi Prime Minister Ali Al-Zaidi's visit to the United States.

U.S. companies have signed roughly $60 billion in agreements and partnerships with the Iraqi government, including deals intended to create alternative routes for shipping oil out…