Oil ran the show this week. The Strait of Hormuz crisis went from bad to worse after Iran seized commercial vessels and effectively closed the waterway, sending Brent crude surging past $105. Everything else either moved because of oil or moved despite it.

Brent opened the week near $91 and closed Friday at $105.33, a gain of roughly 16%. WTI settled at $94.40. The trigger was a full escalation of the dual blockade. Iran seized two cargo ships mid-week, the US maintained its naval blockade of Iranian ports, and talks in Islamabad went nowhere. For energy markets, this was the most volatile week since the crisis began.

And yet, somehow, US stocks hit new records. The S&P 500 closed Friday at 7,166, up 0.6% for the week, with the Nasdaq doing even better at +1.5%. A lot of that came from Intel, which dropped a Q1 earnings beat that nobody saw coming. Revenue at $13.6 billion, stock up 24% in a single day, its best since 1987. That pulled the entire chip sector higher. AMD gained 13%, Qualcomm added 10%, and Nvidia closed at an all-time high, crossing the $5 trillion market cap mark again.

Bitcoin quietly ground higher, moving from around 75,200 on Monday to about 78,100 by Friday. Strategy helped that along with a $2.54 billion buy, adding 34,164 BTC to bring its total past 815,000. Gold had a rougher time, down about 3% to $4,722 as rising oil stoked inflation fears and rate hike talk.

The DAX lost about 2%, feeling the energy shock more than most. Europe’s exposure to the Hormuz disruption is real, and it showed.

So the setup heading into next week: oil still elevated, chip stocks riding momentum, and everyone watching Islamabad for any sign the talks might actually restart. Enjoy the weekend. We’re back Monday.