<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Oil-tankers-at-dusk.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Oil-tankers-at-dusk.png"/></p>
<p>布伦特原油价格在周四重新回到每桶 100 美元以上，此前伊朗新最高领袖莫赫塔巴·哈梅内伊表示霍尔木兹海峡将继续关闭。</p>
<p>与此同时，黄金和白银继续在低迷中交易，强势美元和美联储降息空间有限对市场情绪造成了压力。</p>
<p>此外，中东持续的冲突继续对地区生产商造成供应中断的风险，导致铝价连续第三天上涨。</p>
<h2>布伦特重新回到 100 美元以上</h2>
<p>由于霍尔木兹海峡的供应中断，布伦特原油价格上涨超过 9%。该合约最后报 101 美元每桶。</p>
<p>哈梅内伊是前伊朗领导人阿里·哈梅内伊的儿子，后者在 2 月底美国和以色列对伊朗的攻击中被杀，是他继承父亲职位后的首次公开发言。</p>
<p>他宣称，伊朗不会犹豫 “为国家的烈士复仇”。</p>
<p>霍尔木兹海峡的关闭严重影响了能源市场，导致全球 20% 的原油和液化天然气供应中断。</p>
<p>这一中断发生在伊朗对波斯湾航运的攻击和针对多个地区国家的导弹袭击之后。</p>
<p>这一局势的严重性与美国总统唐纳德·特朗普本周早些时候声称冲突几乎结束的说法形成鲜明对比。</p>
<p>Trade Nation 的高级市场分析师大卫·莫里森表示：“美国无法重新开放霍尔木兹海峡并为通过的航运提供安全，表明他们的主导地位是有限的。”</p>
<p>ANZ 分析师指出，市场仍未完全考虑到冲突可能持续的时间及其带来的动荡。</p>
<p>ANZ 分析师表示：“一旦冲突超出初始震荡阶段，油市往往会从定价不确定性转向定价耐力。”</p>
<p>“此时，关键问题不再是供应是否中断，而是生产者在恶化的运营条件下能否在多长时间内维持产出。”</p>
<h2>黄金疲软</h2>
<p>自中东冲突开始以来，市场对黄金的走势感到困惑。</p>
<p>美元连续第三个交易日走强。</p>
<p>作为一种竞争性的避险资产，强势美元提高了持有其他货币的投资者购买黄金的成本。</p>
<p>原油价格上涨通过推高运输和生产成本来助长通货膨胀。</p>
<p>虽然黄金通常被视为对抗通货膨胀的保障，但利率上升使得产生收益的资产更具吸引力，从而降低了黄金的吸引力。</p>
<p>预计黄金价格将在中东冲突情况变得更加明朗之前保持当前走势。</p>
<p>尽管黄金在地缘政治危机期间历史上被视为可靠的避险资产，但自 2 月 28 日首次空袭以来，黄金意外下跌约 200 美元，违背了市场的典型反应。</p>
<p>Kitco 的技术市场分析师加里·瓦格纳在一份报告中表示：“解释在于袭击后的直接后果，当时美元作为避险流动的主要受益者飙升，实际上挤压了黄金的典型角色。”</p>
<p>市场的关注点最近发生了转变。现在的焦点是，持续的冲突如何影响能源供应，并可能改变美联储的货币政策路径。</p>
<p>这种关注点的变化反过来成为影响黄金价格的重要因素。</p>
<p>在其他方面，COMEX 上的白银最后报每盎司 85.110 美元，下跌 0.5%，而黄金则下跌 0.9%，报每盎司 5,133.19 美元。</p>
<h2>铝价接近四年高点</h2>
<p>全球铝价连续第三天飙升，达到自 2022 年 4 月以来的最高水平，因为中东持续的冲突加剧了对更深层次供应中断的担忧。</p>
<p>BMI（Fitch Solutions Inc.的一个单位）在一份报告中表示，铝价仍有显著上涨空间，预计将向每吨 3,700 美元迈进。</p>
<p>美国和欧洲的溢价飙升反映了 “西方买家的日益担忧”，它补充道。</p>
<p>BMI 表示，近期的发展显著增加了更严重供应短缺的可能性，预计全球市场赤字将在今年加深至 106 万吨。</p>
<p>从伦敦金属交易所的仓库网络中提取库存的重大订单表明，市场开始收紧。</p>
<p>尽管供应方面来自中国、印度尼西亚和安哥拉的新铝项目的生产有所增加，但中东日益升级的地缘政治冲突预计将导致铝的日均生产下降。</p>
<p>预计这种下降是由于冲突可能对该地区某些铝冶炼厂的生产或运输产生影响。</p>
<p>伦敦金属交易所的三个月铝合约报每吨 3,494 美元，上涨 1.4%。该合约当天早些时候曾达到每吨 3,542.15 美元的高点。</p>
<p>商品综述：布伦特重新回到 100 美元以上，黄金仍然停滞，首次出现在 Invezz 上。</p>

黄金 ETF - SPDR

纽蒙特矿业

<p>布伦特原油价格已超过每桶 100 美元，主要受到霍尔木兹海峡供应中断的推动，此前伊朗新任最高领袖发表了相关声明。由于美元走强和美联储利率削减有限，黄金和白银价格正在下跌。持续的中东冲突导致铝价飙升，达到自 2022 年 4 月以来的最高水平。分析师警告可能出现长期供应中断，影响能源市场和通货膨胀</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Oil-tankers-at-dusk.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Oil-tankers-at-dusk.png"/></p>
<p>Brent crude oil prices were back above $100 per barrel on Thursday after the new Iranian Supreme Leader, Mojtaba Khamenei, said the Strait of Hormuz would continue to remain closed.</p>
<div class="lb-trans"><p>布伦特原油价格在周四重新回到每桶 100 美元以上，此前伊朗新最高领袖莫赫塔巴·哈梅内伊表示霍尔木兹海峡将继续关闭。</p>
</div><p>Meanwhile, gold and silver continued to trade in the red as a stronger dollar and limited scope for a Federal Reserve interest rate cut weighed on sentiment.</p>
<div class="lb-trans"><p>与此同时，黄金和白银继续在低迷中交易，强势美元和美联储降息空间有限对市场情绪造成了压力。</p>
</div><p>Additionally, the ongoing conflict in the Middle East continues to pose a risk of escalating supply disruptions from regional producers, causing aluminium prices to increase for the third consecutive day.</p>
<div class="lb-trans"><p>此外，中东持续的冲突继续对地区生产商造成供应中断的风险，导致铝价连续第三天上涨。</p>
</div><h2>Brent back above $100</h2>
<div class="lb-trans"><h2>布伦特重新回到 100 美元以上</h2>
</div><p>Brent crude prices rose more than 9% due to disruptions in supply from the Strait of Hormuz. The contract was last at $101 per barrel.</p>
<div class="lb-trans"><p>由于霍尔木兹海峡的供应中断，布伦特原油价格上涨超过 9%。该合约最后报 101 美元每桶。</p>
</div><p>Khamenei, the son of the former Iranian leader Ali Khamenei, who was killed during the US and Israeli attacks on Iran in late February, made his first public statement since taking his father's place.</p>
<div class="lb-trans"><p>哈梅内伊是前伊朗领导人阿里·哈梅内伊的儿子，后者在 2 月底美国和以色列对伊朗的攻击中被杀，是他继承父亲职位后的首次公开发言。</p>
</div><p>He asserted that Iran would not hesitate to &#34;avenge the blood of martyrs&#34; of the nation.</p>
<div class="lb-trans"><p>他宣称，伊朗不会犹豫 “为国家的烈士复仇”。</p>
</div><p>The closure of the Strait of Hormuz has severely impacted energy markets, halting 20% of the world's crude oil and Liquefied Natural Gas supply.</p>
<div class="lb-trans"><p>霍尔木兹海峡的关闭严重影响了能源市场，导致全球 20% 的原油和液化天然气供应中断。</p>
</div><p>This disruption follows Iranian attacks on shipping in the Persian Gulf and missile strikes targeting various regional countries.</p>
<div class="lb-trans"><p>这一中断发生在伊朗对波斯湾航运的攻击和针对多个地区国家的导弹袭击之后。</p>
</div><p>The gravity of the situation directly contradicts US President Donald Trump's earlier claim this week that the conflict was almost over.</p>
<div class="lb-trans"><p>这一局势的严重性与美国总统唐纳德·特朗普本周早些时候声称冲突几乎结束的说法形成鲜明对比。</p>
</div><p>“The US’s inability to reopen the Strait of Hormuz and provide security for the shipping passing through, suggests that there are limits to their dominance,” said David Morrison, senior market analyst at Trade Nation.</p>
<div class="lb-trans"><p>Trade Nation 的高级市场分析师大卫·莫里森表示：“美国无法重新开放霍尔木兹海峡并为通过的航运提供安全，表明他们的主导地位是有限的。”</p>
</div><p>ANZ analysts noted that markets were still not fully factoring in the probable length and resulting turmoil from the conflict.</p>
<div class="lb-trans"><p>ANZ 分析师指出，市场仍未完全考虑到冲突可能持续的时间及其带来的动荡。</p>
</div><p>&#34;Once a conflict extends beyond the initial shock phase, oil markets tend to shift from pricing uncertainty to pricing endurance,&#34; ANZ analysts said.</p>
<div class="lb-trans"><p>ANZ 分析师表示：“一旦冲突超出初始震荡阶段，油市往往会从定价不确定性转向定价耐力。”</p>
</div><p>&#34;At that point, the key question is no longer whether supply is disrupted, but how long producers can physically sustain output under deteriorating operating conditions.&#34;</p>
<div class="lb-trans"><p>“此时，关键问题不再是供应是否中断，而是生产者在恶化的运营条件下能否在多长时间内维持产出。”</p>
</div><h2>Gold falters</h2>
<div class="lb-trans"><h2>黄金疲软</h2>
</div><p>The markets have been puzzled by gold’s movement since the conflict began in the Middle East.</p>
<div class="lb-trans"><p>自中东冲突开始以来，市场对黄金的走势感到困惑。</p>
</div><p>The dollar strengthened for the third session in a row.</p>
<div class="lb-trans"><p>美元连续第三个交易日走强。</p>
</div><p>As a competing safe-haven, a stronger US currency increases the cost of gold for investors holding other currencies.</p>
<div class="lb-trans"><p>作为一种竞争性的避险资产，强势美元提高了持有其他货币的投资者购买黄金的成本。</p>
</div><p>Rising crude prices contribute to inflation by driving up both transportation and production expenses.</p>
<div class="lb-trans"><p>原油价格上涨通过推高运输和生产成本来助长通货膨胀。</p>
</div><p>While gold is typically viewed as a safeguard against inflation, rising interest rates diminish its appeal by making assets that generate yield more attractive.</p>
<div class="lb-trans"><p>虽然黄金通常被视为对抗通货膨胀的保障，但利率上升使得产生收益的资产更具吸引力，从而降低了黄金的吸引力。</p>
</div><p>Gold prices are expected to maintain their current course until the situation regarding the Middle East conflict becomes clearer.</p>
<div class="lb-trans"><p>预计黄金价格将在中东冲突情况变得更加明朗之前保持当前走势。</p>
</div><p>Despite its historical role as a dependable safe-haven asset during geopolitical crises, gold has unexpectedly fallen by about $200 since the initial airstrikes on February 28, going against the typical market response.</p>
<div class="lb-trans"><p>尽管黄金在地缘政治危机期间历史上被视为可靠的避险资产，但自 2 月 28 日首次空袭以来，黄金意外下跌约 200 美元，违背了市场的典型反应。</p>
</div><p>“The explanation lies in the immediate aftermath of the strikes, when the US dollar surged as the primary beneficiary of flight-to-safety flows, effectively crowding out gold's typical role,” Gary Wagner, technical market analyst at Kitco said in a report.</p>
<div class="lb-trans"><p>Kitco 的技术市场分析师加里·瓦格纳在一份报告中表示：“解释在于袭击后的直接后果，当时美元作为避险流动的主要受益者飙升，实际上挤压了黄金的典型角色。”</p>
</div><p>The market's focus has recently shifted. Attention is now centred on how an extended conflict, disrupting energy supplies, could alter the Federal Reserve's path for monetary policy.</p>
<div class="lb-trans"><p>市场的关注点最近发生了转变。现在的焦点是，持续的冲突如何影响能源供应，并可能改变美联储的货币政策路径。</p>
</div><p>This change in focus has, in turn, become a significant factor influencing the price of gold.</p>
<div class="lb-trans"><p>这种关注点的变化反过来成为影响黄金价格的重要因素。</p>
</div><p>Elsewhere, silver on COMEX was last at $85.110 per ounce, down 0.5%, while gold was 0.9% lower at $5,133.19 an ounce.</p>
<div class="lb-trans"><p>在其他方面，COMEX 上的白银最后报每盎司 85.110 美元，下跌 0.5%，而黄金则下跌 0.9%，报每盎司 5,133.19 美元。</p>
</div><h2>Aluminium hits near four-year high</h2>
<div class="lb-trans"><h2>铝价接近四年高点</h2>
</div><p>Global aluminium prices surged for a third consecutive day, hitting their highest level since April 2022, as the ongoing conflict in the Middle East intensified fears of deeper supply disruptions.</p>
<div class="lb-trans"><p>全球铝价连续第三天飙升，达到自 2022 年 4 月以来的最高水平，因为中东持续的冲突加剧了对更深层次供应中断的担忧。</p>
</div><p>Aluminium retains significant upside, with a scope for a move toward $3,700 a ton, BMI, a unit of Fitch Solutions Inc., said in a note.</p>
<div class="lb-trans"><p>BMI（Fitch Solutions Inc.的一个单位）在一份报告中表示，铝价仍有显著上涨空间，预计将向每吨 3,700 美元迈进。</p>
</div><p>The spike in premiums in the US and Europe reflects “mounting concern among western buyers,” it added.</p>
<div class="lb-trans"><p>美国和欧洲的溢价飙升反映了 “西方买家的日益担忧”，它补充道。</p>
</div><p>BMI has stated that recent developments significantly increase the probability of a more severe supply shortage, anticipating the global market deficit will deepen to 1.06 million tons this year.</p>
<div class="lb-trans"><p>BMI 表示，近期的发展显著增加了更严重供应短缺的可能性，预计全球市场赤字将在今年加深至 106 万吨。</p>
</div><p>Substantial orders to withdraw stockpiles from the LME's warehouse network indicate that the market is beginning to tighten.</p>
<div class="lb-trans"><p>从伦敦金属交易所的仓库网络中提取库存的重大订单表明，市场开始收紧。</p>
</div><p>While the supply side saw increased production from newly commissioned aluminium projects in China, Indonesia, and Angola as they continued to ramp up, the escalating geopolitical conflict in the Middle East is expected to cause a decline in daily average aluminium production.</p>
<div class="lb-trans"><p>尽管供应方面来自中国、印度尼西亚和安哥拉的新铝项目的生产有所增加，但中东日益升级的地缘政治冲突预计将导致铝的日均生产下降。</p>
</div><p>This decline is anticipated due to the conflict's potential impact on production or shipments at some aluminium plants in the region.</p>
<div class="lb-trans"><p>预计这种下降是由于冲突可能对该地区某些铝冶炼厂的生产或运输产生影响。</p>
</div><p>The three-month aluminium contract on the London Metal Exchange was at $3,494 per ton, up 1.4%. The contract had hit a high of $3,542.15 per ton earlier in the day.</p>
<div class="lb-trans"><p>伦敦金属交易所的三个月铝合约报每吨 3,494 美元，上涨 1.4%。该合约当天早些时候曾达到每吨 3,542.15 美元的高点。</p>
</div><p>The post Commodity wrap: Brent back above $100, gold remains stuck appeared first on Invezz</p>
<div class="lb-trans"><p>商品综述：布伦特重新回到 100 美元以上，黄金仍然停滞，首次出现在 Invezz 上。</p>
</div>

Commodity wrap: Brent back above $100, gold remains stuck

invezz

Kinross Gold

黄金勘探商 ETF - GlobalX

2 倍做多小型金矿指数 ETF - Direxion

黄金矿 ETF - Sprott

能源业 ETF - SPDR

美国 WTI 原油 ETF

2 倍做多金矿指数 ETF - Direxion

黄金 ETF - iShares

金矿小盘股 ETF - VanEck Vectors

商品综述：布伦特原油价格重新回到每桶 100 美元以上，而黄金价格仍然停滞不前