The US and Israel have been engaged in a war against Iran, with President Donald Trump's war escalating despite the disruption of energy infrastructure and shipping disruptions caused by the conflict. Despite Iran threatening retaliation, financial markets have remained relatively calm despite the threat of a potential supply shock. Author Matt Stoller argues that this calmness is due to the Iranian strategy of keeping the Strait of Hormuz shut, which Iran has made clear is to inflict severe economic pain on the United States, Israel, and the wider global system. Stoller suggests that the White House's strategy to manipulate the markets through coordinated propaganda is behind the recent fake news reports of ceasefire talks. Despite these reports, Iran has consistently denied any intention of negotiating for a ceasefire and has rejected a U.S. ceasefire proposal.