If you were planning a vacation to Bahrain, Israel, Kuwait, Qatar, or the UAE, pack your bags. Australia has lowered its Middle East travel warnings following the US-Iran ceasefire, signaling a rare moment of optimism in a region on a knife-edge. This isn't just about tourists—it's about global trade routes and energy security finally getting a breather.

But there's a catch. The ceasefire deal, supposedly "all signed,"...