Good morning. On Fortune’s radar today:
- Stock traders rejoiced at the news that President Trump may be searching for a way out of Iran. Oil is still above $100 a barrel, and both Tehran and Wall Street expect American voters to punish Republicans at the midterm elections if this goes on much longer. There is an off-ramp, but it risks making Iran look like the winners, experts say. Suspiciously, a massive set of highly profitable trades in oil and stock futures were placed in New York minutes before Trump announced he wanted Iran to come to the table.
- Exclusive: Some people are so addicted to their phones that they end up in a $1,000-a-day rehab clinic outside Seattle.
- In Asia there are shortages of jet fuel, toilet paper, and fertilizer.
- Morgan Stanley warns of a “chaotic melt toward stagflation.”
- Private credit funds have shut the gates on some investors.
