Trump searches for an exit strategy in Iran as $100 oil looms over the midterms

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.

Stocks bounce on hopes of peace

Oil was at $102 per barrel this morning. S&P 500 futures were flat before the opening bell in New York. The index rose 1.15% on Monday. Asia had a good day: South Korea’s KOSPI rose 2.74%. Japan’s Nikkei 225 rose 1.43%. Europe was “meh” in early trading: The U.K.’s FTSE 100 and the Stoxx Europe 600 were both flat before lunch.

Inside a $1,000-a-day tech addiction rehab clinic

By age 21, Sarah Hill was so addicted to video games that she’d stopped seeing friends, showering, and brushing her teeth. At college, she spent so much time in her room compulsively accessing a chatbot site, Character AI, that she failed classes. “I’d lied about everything and I flunked,” she recalls. “My parents didn’t have any words. They were like, ‘Just go.’ I went to my room, but the last thing I saw was my mom resting her elbows on the counter and just crying. That was the worst thing I ever saw.” She enrolled at reSTART, one of the nation’s few residential rehab programs that treat tech addiction like alcohol or drug addiction. Fortune’s Kristin Stoller reports on the intense debate about how addictive tech can be, currently wending its way through the U.S. court system via lawsuits against Meta, YouTube, TikTok, and Snap.

Tehran bets American voters won’t tolerate high gas prices

The price of oil whipsawed from nearly $114........

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