Iran calls for ‘full-scale war’ but behind the scenes a peace proposal might reopen the Strait of Hormuz—if Trump can stomach it

Good morning. On Fortune’s radar today:

• EXCLUSIVE: Bill Ackman talks to Fortune about his war against socialism.
• Markets: Ignore the bombs, look at the numbers.
• Peace plan would give Iran control of the Strait of Hormuz.
• Wall Street is skeptical about Trump’s new tariffs on Canada.
• Anduril working with D-Wave Quantum on missile shields.
• Incoming: El Niño supply shock.
• Inside KitKat’s stolen chocolate caper. 

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