Semiconductors.

Brent's far end held for a fifth quiet day. That counts against the demand-slump view.

Brent's front month settled Tuesday at 108.79 on ICE, down 0.76. Its December 2027 contract settled at 86.58.

Oil rose and chips fell Friday. Trump waived new Russia duties that night.

Markets closed: levels unchanged

Brent's front-month contract settled at 109.86 on Friday, up 3.94, or about 3.7 percent. That was its highest settlement since May 19.

TSMC's strong quarter did not lift chip stocks. The rest of the market bounced.

The S&P 500 rose about 0.3 percent on Thursday, to 7,744.06. The Philadelphia semiconductor index fell again, about 0.9 percent to 11,581.21, in the first US session that could answer TSMC's strong third quarter.

Chips fell more than 4 percent. A day later, TSMC posted a strong quarter.

The Philadelphia semiconductor index fell more than 4 percent on Wednesday, and the S&P 500 about 1.1 percent. Wednesday's sell-off followed that morning's inflation release, which showed September consumer prices up 0.6 percent on the month, and preceded TSMC's Thursday results.

Gulf oil shut-ins eased Sunday. Another tanker was struck in Hormuz.

The levels below are Friday's closes and settlements unless noted. Brent's front-month contract settled Friday at 104.72 on ICE, up 4.40 from the October 5 settlement.

Tanker attacks hit a record week. Hormuz crossings fell to a two-month low.

Attacks on tankers around the Strait of Hormuz hit at least 12 in the week to October 5, Reuters reported, the most in any week since the war began. Fewer ships were crossing early in the week: seven commodity vessels passed through the strait on Tuesday, October 6, the fewest since July 23, according to Kpler data reported by…

Chips fell as OpenAI revenue concerns surfaced. Oil climbed the day Trump ruled out pre-election strikes on Iran.

Brent's front-month contract settled Thursday at 104.28 on ICE, up 4.08. The semiconductor index fell about 3.4 percent while the S&P 500 fell about 0.5 percent.

Stocks slipped Wednesday. Overnight, oil jumped amid an Iran strike report and a Gulf storm.

Wednesday was a risk-off day. The S&P 500 fell about 0.2 percent and the semiconductor index about 1.1 percent.

Gold lost most of the week on Monday. Chips finished higher.

Gold futures closed the prior Friday at $4,321.20. On Monday they fell $152.80 to $4,168.40, and by Friday's close they stood at $4,162.30.

Chips ran ahead of the market on Micron's quarter. Gold climbed against a rising dollar.

Thursday was the first full session after Micron's results, and chip stocks ran ahead of the market. The semiconductor index rose about 1.6 percent.

The yen firmed while the dollar rose and the rate gap stood still. The explanation has moved to Japan's bond market.

The yen rose again on Tuesday, and nothing that usually moves it did. USD/JPY closed at 157.36, a tenth of a yen firmer than Monday, while the dollar index rose 0.17 to 101.37.

Gold fell 3.5 percent and closed below our 4,300 line. The dollar barely moved, so the usual currency explanation doesn't fit.

Monday was the first full session in several days, and it sold hard assets and stocks together. Gold closed at 4,168.40, down 152.80, about 3.5 percent, and below our 4,300 line on a published close.