Iraq has signed 48 deals with US companies, including a pipeline that bypasses the Strait of Hormuz, as the two countries mark a turning point.

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…