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
index 0000000..d823de6
--- /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
index 0000000..e8f6d65
--- /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
index 6147dba..c887b38 100644
--- a/src/markup/engine/remarkup/markuprule/PhutilRemarkupHyperlinkRule.php
+++ b/src/markup/engine/remarkup/markuprule/PhutilRemarkupHyperlinkRule.php
@@ -1,108 +1,121 @@
 <?php
 
 final class PhutilRemarkupHyperlinkRule extends PhutilRemarkupRule {
 
   public function getPriority() {
     return 400.0;
   }
 
   public function apply($text) {
     // Hyperlinks with explicit "<>" around them get linked exactly, without
     // the "<>". Angle brackets are basically special and mean "this is a URL
     // with weird characters". This is assumed to be reasonable because they
     // don't appear in normal text or normal URLs.
     $text = preg_replace_callback(
       '@<(\w{3,}://[^\s'.PhutilRemarkupBlockStorage::MAGIC_BYTE.']+?)>@',
       array($this, 'markupHyperlink'),
       $text);
 
     // Anything else we match "ungreedily", which means we'll look for
     // stuff that's probably puncutation or otherwise not part of the URL and
     // not link it. This lets someone write "QuicK! Go to
     // http://www.example.com/!". We also apply some paren balancing rules.
 
     // NOTE: We're explicitly avoiding capturing stored blocks, so text like
     // `http://www.example.com/[[x | y]]` doesn't get aggressively captured.
     $text = preg_replace_callback(
       '@(\w{3,}://[^\s'.PhutilRemarkupBlockStorage::MAGIC_BYTE.']+)@',
       array($this, 'markupHyperlinkUngreedy'),
       $text);
 
     return $text;
   }
 
   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.
       return $this->getEngine()->storeText($matches[1]);
     }
 
     return $this->storeRenderedHyperlink($matches[1]);
   }
 
   protected function storeRenderedHyperlink($link) {
     return $this->getEngine()->storeText($this->renderHyperlink($link));
   }
 
   protected function renderHyperlink($link) {
     $engine = $this->getEngine();
 
     if ($engine->isTextMode()) {
       return $link;
     }
 
     if ($engine->getState('toc')) {
       return $link;
     }
 
     $same_window = $engine->getConfig('uri.same-window', false);
     if ($same_window) {
       $target = null;
     } else {
       $target = '_blank';
     }
 
     return phutil_tag(
       'a',
       array(
         'href'    => $link,
         'class'   => 'remarkup-link',
         'target'  => $target,
       ),
       $link);
   }
 
   protected function markupHyperlinkUngreedy($matches) {
     $match = $matches[1];
     $tail = null;
     $trailing = null;
     if (preg_match('/[;,.:!?]+$/', $match, $trailing)) {
       $tail = $trailing[0];
       $match = substr($match, 0, -strlen($tail));
     }
 
     // If there's a closing paren at the end but no balancing open paren in
     // the URL, don't link the close paren. This is an attempt to gracefully
     // handle the two common paren cases, Wikipedia links and English language
     // parentheticals, e.g.:
     //
     //  http://en.wikipedia.org/wiki/Noun_(disambiguation)
     //  (see also http://www.example.com)
     //
     // We could apply a craftier heuristic here which tries to actually balance
     // the parens, but this is probably sufficient.
     if (preg_match('/\\)$/', $match) && !preg_match('/\\(/', $match)) {
       $tail = ')'.$tail;
       $match = substr($match, 0, -1);
     }
 
+    try {
+      $uri = new PhutilURI($match);
+    } catch (Exception $ex) {
+      return $matches[0];
+    }
+
     return hsprintf('%s%s', $this->markupHyperlink(array(null, $match)), $tail);
   }
 
 }