The Globe and Mail reports in its Saturday edition that during the Iran war, the Trump administration effectively managed U.S. media to reassure markets of impending peace. The Globe's John Rapley writes that this strategy helped prevent sharp increases in oil prices and kept stock markets stable. If peace is indeed near, it could be seen as a brilliant move. If the peace agreement doesn't arrive soon, this strategy could be seen as a risky allure that lulled investors as they approached crisis. None of President Donald Trump's various attempts to force the Strait of Hormuz open have persuaded insurers it's safe to navigate the channel. Ship owners are staying away, and the flow of oil and other products out of the Gulf has nearly stopped. As tempered as the reaction has so far been in North American energy and stock markets, signs of stress have nonetheless begun appearing. While stock markets have rallied, bond markets have slumped, driving interest rates on government debt higher than before the war. If the standoff continues for long and oil prices shoot up, the damage will get much worse. Mr. Trump may have to accept a deal resembling a surrender, but his aversion to being seen as a loser makes this uncertain.