diff --git a/src/markup/engine/__tests__/remarkup/link-with-angle-link-anchor.txt b/src/markup/engine/__tests__/remarkup/link-with-angle-link-anchor.txt
new file mode 100644
--- /dev/null
+++ b/src/markup/engine/__tests__/remarkup/link-with-angle-link-anchor.txt
@@ -0,0 +1,5 @@
+<http://x.y#http://x.y#>
+~~~~~~~~~~
+<p>&lt;http://x.y#http://x.y#&gt;</p>
+~~~~~~~~~~
+<http://x.y#http://x.y#>
diff --git a/src/markup/engine/__tests__/remarkup/link-with-link-anchor.txt b/src/markup/engine/__tests__/remarkup/link-with-link-anchor.txt
new file mode 100644
--- /dev/null
+++ b/src/markup/engine/__tests__/remarkup/link-with-link-anchor.txt
@@ -0,0 +1,5 @@
+http://x.y#http://x.y#
+~~~~~~~~~~
+<p>http://x.y#http://x.y#</p>
+~~~~~~~~~~
+http://x.y#http://x.y#
diff --git a/src/markup/engine/remarkup/markuprule/PhutilRemarkupHyperlinkRule.php b/src/markup/engine/remarkup/markuprule/PhutilRemarkupHyperlinkRule.php
--- a/src/markup/engine/remarkup/markuprule/PhutilRemarkupHyperlinkRule.php
+++ b/src/markup/engine/remarkup/markuprule/PhutilRemarkupHyperlinkRule.php
@@ -32,11 +32,18 @@
   }
 
   protected function markupHyperlink(array $matches) {
+    try {
+      $uri = new PhutilURI($matches[1]);
+    } catch (Exception $ex) {
+      return $matches[0];
+    }
+
+    $protocol = $uri->getProtocol();
+
     $protocols = $this->getEngine()->getConfig(
       'uri.allowed-protocols',
       array());
 
-    $protocol = id(new PhutilURI($matches[1]))->getProtocol();
     if (!idx($protocols, $protocol)) {
       // If this URI doesn't use a whitelisted protocol, don't link it. This
       // is primarily intended to prevent javascript:// silliness.
@@ -102,6 +109,12 @@
       $match = substr($match, 0, -1);
     }
 
+    try {
+      $uri = new PhutilURI($match);
+    } catch (Exception $ex) {
+      return $matches[0];
+    }
+
     return hsprintf('%s%s', $this->markupHyperlink(array(null, $match)), $tail);
   }