Israel approved a cease-fire with Lebanon that is intended to bring a halt to more than a year of fighting with the Hezbollah militia and could help defuse a broader regional crisis that has threatened to ensnare the U.

President Biden said the 60-day truce, which the United States helped broker, would take effect early Wednesday, and was intended to become permanent, ending Lebanon’s deadliest war in decades.

United Nations peacekeeping troops, the Lebanese military and a multinational committee will be tasked with supervising the Iran-backed group’s movements. Israel has vowed to resume military operations in case of a breach of the agreement. The ceasefire ...