<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Miniature-oil-pumpjack-on-a-trading-desk.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Miniature-oil-pumpjack-on-a-trading-desk.png"/></p>
<p>由于美国对受制裁的俄罗斯原油给予豁免，以及一艘印度油轮驶出霍尔木兹海峡，油价在周五下跌超过 2%。</p>
<p>然而，由于中东冲突持续，布伦特原油和西德克萨斯中质原油这两个基准仍有望实现周度上涨。</p>
<p>另一方面，由于高油价降低了降息预期，强势美元对市场情绪造成压力，黄金价格正面临连续第二周的下跌。</p>
<p>此外，周五 COMEX 上的银价也下跌了近 1%。</p>
<p>与此同时，铝价在前一交易日触及多年高点后出现回落。</p>
<h2>油价下跌</h2>
<p>尽管中东冲突导致供应中断的情况依然严重，油价在周五仍然下跌。</p>
<p>这一下跌发生在一艘印度油轮驶出霍尔木兹海峡之际，美国也采取了旨在缓解供应担忧的措施。</p>
<p>尽管如此，油价仍有望实现周度上涨。</p>
<p>根据周五的媒体报道，一艘悬挂印度国旗的油轮已离开霍尔木兹海峡东部，运送前往非洲的汽油。</p>
<p>&#34;一些石油正在通过海峡，但这并不意味着它会重新开放，&#34; PVM 经纪公司的石油分析师 Tamas Varga 表示。&#34;这一下跌应被视为短暂的。&#34;</p>
<p>为了稳定全球能源市场，财政部长 Scott Bessent 宣布了一项为期 30 天的美国许可证，允许各国购买目前滞留在海上的俄罗斯石油和石油产品。</p>
<p>这一决定旨在应对美国与以色列与伊朗之间冲突造成的供应中断。</p>
<p>根据俄罗斯总统特使 Kirill Dmitriev 的说法，这项临时许可证影响约 1 亿桶俄罗斯原油，几乎相当于全球每日总石油产量的一天。</p>
<p>在关于俄罗斯石油的公告前一天，美国能源部表示，华盛顿将从战略石油储备中释放 1.72 亿桶石油。</p>
<p>这一措施旨在帮助遏制飙升的油价。</p>
<p>即使在美国财政部长 Scott Bessent 宣布解除对目前在海上的俄罗斯油轮的制裁一个月后，近期市场的涨幅几乎没有受到影响。</p>
<p>“主要问题是霍尔木兹海峡实际上对所有航运仍然封闭，从而切断了全球约 20% 的能源供应，” Trade Nation 的高级市场分析师 David Morrison 表示。</p>
<p>在撰写本文时，WTI 原油价格为每桶 93.41 美元，下跌 2.4%；而布伦特原油价格为每桶 98.86 美元，较前一交易日下跌 1.5%。</p>
<h2>黄金面临周度亏损</h2>
<p>黄金价格已跌回每盎司 5100 美元以下，这一下降归因于伊朗持续未解决的冲突。</p>
<p>尽管 COMEX 上的黄金合约最后报每盎司 5114.41 美元，但当天早些时候曾触及每盎司 5066.51 美元的低点。</p>
<p>由于多种因素，包括飙升的油价，降低了对降息的预期，黄金正面临连续第二周的下跌，促使投资者平仓。</p>
<p>此外，美元走强和美国国债收益率上升进一步对金属价格施加压力。</p>
<p>在伊朗誓言关闭霍尔木兹海峡后，全球能源供应和风险资产的担忧加剧。</p>
<p>美元攀升至三个月高点，10 年期美国国债收益率达到近六周高点。</p>
<p>投资者关注两个关键事件：周五即将发布的延迟的 1 月份个人消费支出（PCE）数据，以及下周美联储的为期两天的会议。</p>
<p>尽管近期的通胀数据表明价格增长受到控制，但原油价格飙升的全面影响尚未显现。</p>
<p>根据 CME 集团的 FedWatch 工具，交易员普遍预计美联储下周将维持利率不变。</p>
<p>例如，美国市场并未完全预期美联储在今年年底前甚至降息 25 个基点，这与 2 月底市场仍在考虑 2.5 次降息的情况相比，发生了显著变化，Commerzbank AG 的外汇和商品研究负责人 Thu Lan Nguyen 表示。</p>
<p>“这就是黄金价格承压的主要原因。”</p>
<h2>铝价从高位回落</h2>
<p>基本金属指数在很大程度上受到中东地缘政治不确定性的影响。</p>
<p>铝市场继续受到伊朗冲突引发的供应担忧的影响。</p>
<p>本周，从 LME 仓库提取铝的请求激增至自 2024 年春季以来的最高水平。</p>
<p>这些请求大多数针对马来西亚的仓库，表明亚洲市场的供应情况特别紧张，Nguyen 表示。</p>
<p>报告还显示，一家大型矿业公司已大幅提高日本铝采购商的溢价，达到了十多年来的最高水平。</p>
<p>“然而，由于中国是全球最大的铝生产国，生产商可能会在短期内增加出口——尤其是因为价格更具吸引力——并可能提供缓解，” Nguyen 表示。</p>
<p>然而，由于美元走强，伦敦金属交易所的三个月铝合约下跌。</p>
<p>美元走强使以美元计价的商品对海外买家变得更加昂贵，从而限制了需求。</p>
<p>在撰写本文时，LME 上的铝合约价格为每吨 3484.45 美元，下跌 1%。铜合约价格下跌 0.5%，报每吨 12920 美元。</p>
<p>商品综述：美国对俄罗斯石油的豁免后布伦特原油跌破 100 美元；黄金下滑的文章首次出现在 Invezz 上。</p>

中金黄金

阿尼科伊格尔矿业

山东黄金

<p>油价在美国对受制裁的俄罗斯原油授予豁免后下跌超过 2%，尽管由于中东紧张局势，布伦特和 WTI 原油仍有望实现周度上涨。由于高油价和美元走强对市场情绪造成压力，黄金价格预计将迎来第二周的下跌。白银价格下跌近 1%，而铝价在达到多年高点后也出现下跌。美国宣布了一项为期 30 天的购买俄罗斯石油的许可证，影响约 1 亿桶原油，而霍尔木兹海峡仍然有效封锁，影响全球能源供应</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Miniature-oil-pumpjack-on-a-trading-desk.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Miniature-oil-pumpjack-on-a-trading-desk.png"/></p>
<p>Oil prices fell more than 2% on Friday after the US granted a waiver for sanctioned Russian crude and an Indian tanker sailed out of the Strait of Hormuz.</p>
<div class="lb-trans"><p>由于美国对受制裁的俄罗斯原油给予豁免，以及一艘印度油轮驶出霍尔木兹海峡，油价在周五下跌超过 2%。</p>
</div><p>However, both benchmarks, Brent and West Texas Intermediate crude oil, were on course for weekly gains due to the ongoing conflict in the Middle East.</p>
<div class="lb-trans"><p>然而，由于中东冲突持续，布伦特原油和西德克萨斯中质原油这两个基准仍有望实现周度上涨。</p>
</div><p>On the other hand, gold prices were headed for their second straight weekly loss as high oil prices reduced rate cut bets and a stronger dollar weighed on sentiment.</p>
<div class="lb-trans"><p>另一方面，由于高油价降低了降息预期，强势美元对市场情绪造成压力，黄金价格正面临连续第二周的下跌。</p>
</div><p>Elsewhere, silver on COMEX also dipped nearly 1% on Friday.</p>
<div class="lb-trans"><p>此外，周五 COMEX 上的银价也下跌了近 1%。</p>
</div><p>Meanwhile, aluminium prices were in the red after the metal had touched a multi-year high in the previous session.</p>
<div class="lb-trans"><p>与此同时，铝价在前一交易日触及多年高点后出现回落。</p>
</div><h2>Oil falls</h2>
<div class="lb-trans"><h2>油价下跌</h2>
</div><p>Despite the broader persistence of supply disruptions stemming from the Middle East conflict, oil prices fell on Friday.</p>
<div class="lb-trans"><p>尽管中东冲突导致供应中断的情况依然严重，油价在周五仍然下跌。</p>
</div><p>This dip occurred as an Indian tanker exited the Strait of Hormuz and the US introduced measures aimed at alleviating supply concerns.</p>
<div class="lb-trans"><p>这一下跌发生在一艘印度油轮驶出霍尔木兹海峡之际，美国也采取了旨在缓解供应担忧的措施。</p>
</div><p>Nonetheless, oil prices were still set to register weekly gains.</p>
<div class="lb-trans"><p>尽管如此，油价仍有望实现周度上涨。</p>
</div><p>According to media reports on Friday, an oil tanker flying the Indian flag had departed the area east of the Strait of Hormuz, transporting gasoline destined for Africa.</p>
<div class="lb-trans"><p>根据周五的媒体报道，一艘悬挂印度国旗的油轮已离开霍尔木兹海峡东部，运送前往非洲的汽油。</p>
</div><p>&#34;Some oil is coming through the strait, but it does not mean it will reopen,&#34; Tamas Varga, an oil analyst at brokerage PVM, said. &#34;This dip should be viewed as short-lived.&#34;</p>
<div class="lb-trans"><p>&#34;一些石油正在通过海峡，但这并不意味着它会重新开放，&#34; PVM 经纪公司的石油分析师 Tamas Varga 表示。&#34;这一下跌应被视为短暂的。&#34;</p>
</div><p>In a move to stabilize global energy markets, Treasury Secretary Scott Bessent announced a 30-day US license allowing countries to purchase Russian oil and petroleum products currently stranded at sea.</p>
<div class="lb-trans"><p>为了稳定全球能源市场，财政部长 Scott Bessent 宣布了一项为期 30 天的美国许可证，允许各国购买目前滞留在海上的俄罗斯石油和石油产品。</p>
</div><p>This decision addresses the disruption caused by the US-Israeli conflict with Iran.</p>
<div class="lb-trans"><p>这一决定旨在应对美国与以色列与伊朗之间冲突造成的供应中断。</p>
</div><p>According to Russia's presidential envoy Kirill Dmitriev, this temporary license impacts an estimated 100 million barrels of Russian crude, which is nearly equivalent to one day of the world's total oil output.</p>
<div class="lb-trans"><p>根据俄罗斯总统特使 Kirill Dmitriev 的说法，这项临时许可证影响约 1 亿桶俄罗斯原油，几乎相当于全球每日总石油产量的一天。</p>
</div><p>A day before the announcement on Russian oil, the US Energy Department stated that Washington would release 172 million barrels of oil from its Strategic Petroleum Reserve.</p>
<div class="lb-trans"><p>在关于俄罗斯石油的公告前一天，美国能源部表示，华盛顿将从战略石油储备中释放 1.72 亿桶石油。</p>
</div><p>This measure was intended to help curb the skyrocketing oil prices.</p>
<div class="lb-trans"><p>这一措施旨在帮助遏制飙升的油价。</p>
</div><p>Recent market gains were barely affected, even after US Treasury Secretary Scott Bessent announced a one-month lifting of sanctions on Russian tankers currently at sea.</p>
<div class="lb-trans"><p>即使在美国财政部长 Scott Bessent 宣布解除对目前在海上的俄罗斯油轮的制裁一个月后，近期市场的涨幅几乎没有受到影响。</p>
</div><p>“The main issue is that the Strait of Hormuz remains effectively blocked to all shipping, thereby cutting off around 20% of the world’s energy supply,” said David Morrison, senior market analyst at Trade Nation.</p>
<div class="lb-trans"><p>“主要问题是霍尔木兹海峡实际上对所有航运仍然封闭，从而切断了全球约 20% 的能源供应，” Trade Nation 的高级市场分析师 David Morrison 表示。</p>
</div><p>At the time of writing, the price of WTI crude was $93.41 per barrel, down 2.4%, while Brent was at $98.86 per barrel, down 1.5% from the previous close.</p>
<div class="lb-trans"><p>在撰写本文时，WTI 原油价格为每桶 93.41 美元，下跌 2.4%；而布伦特原油价格为每桶 98.86 美元，较前一交易日下跌 1.5%。</p>
</div><h2>Gold heads for weekly loss</h2>
<div class="lb-trans"><h2>黄金面临周度亏损</h2>
</div><p>Gold prices have fallen back below the $5,100 per ounce mark, a decline attributed to the ongoing, unresolved conflict in Iran.</p>
<div class="lb-trans"><p>黄金价格已跌回每盎司 5100 美元以下，这一下降归因于伊朗持续未解决的冲突。</p>
</div><p>Though the gold contract on COMEX was last at $5,114.41 per ounce, it had touched a session's low of $5,066.51 an ounce earlier in the day.</p>
<div class="lb-trans"><p>尽管 COMEX 上的黄金合约最后报每盎司 5114.41 美元，但当天早些时候曾触及每盎司 5066.51 美元的低点。</p>
</div><p>Gold was heading for a second consecutive weekly decline as several factors, including surging oil prices, reduced expectations for interest rate cuts, prompting investors to cover margin calls.</p>
<div class="lb-trans"><p>由于多种因素，包括飙升的油价，降低了对降息的预期，黄金正面临连续第二周的下跌，促使投资者平仓。</p>
</div><p>Additionally, the strengthening dollar and rising US yields further weighed on the metal.</p>
<div class="lb-trans"><p>此外，美元走强和美国国债收益率上升进一步对金属价格施加压力。</p>
</div><p>Global energy supply and risk asset concerns were heightened after Iran vowed to close the Strait of Hormuz.</p>
<div class="lb-trans"><p>在伊朗誓言关闭霍尔木兹海峡后，全球能源供应和风险资产的担忧加剧。</p>
</div><p>The dollar climbed to a three-month peak, and 10-year US Treasury yields reached a near six-week high.</p>
<div class="lb-trans"><p>美元攀升至三个月高点，10 年期美国国债收益率达到近六周高点。</p>
</div><p>Investors are focused on two key events: the upcoming release of the delayed January Personal Consumption Expenditures (PCE) data on Friday, and the Federal Reserve's two-day meeting next week.</p>
<div class="lb-trans"><p>投资者关注两个关键事件：周五即将发布的延迟的 1 月份个人消费支出（PCE）数据，以及下周美联储的为期两天的会议。</p>
</div><p>Despite recent inflation data suggesting price growth is controlled, the full effect of the spike in crude prices has not yet been realised.</p>
<div class="lb-trans"><p>尽管近期的通胀数据表明价格增长受到控制，但原油价格飙升的全面影响尚未显现。</p>
</div><p>Traders largely anticipate the Fed will hold interest rates steady next week, according to the CME Group's FedWatch tool.</p>
<div class="lb-trans"><p>根据 CME 集团的 FedWatch 工具，交易员普遍预计美联储下周将维持利率不变。</p>
</div><p>The US market, for instance, is not fully anticipating even a 25 basis point interest rate cut by the Fed by the close of this year, a significant shift from late February when the market was still factoring in 2½ such steps, according to Thu Lan Nguyen, head of FX and commodity research at Commerzbank AG.</p>
<div class="lb-trans"><p>例如，美国市场并未完全预期美联储在今年年底前甚至降息 25 个基点，这与 2 月底市场仍在考虑 2.5 次降息的情况相比，发生了显著变化，Commerzbank AG 的外汇和商品研究负责人 Thu Lan Nguyen 表示。</p>
</div><p>“This is the main reason why the price of gold has come under pressure.”</p>
<div class="lb-trans"><p>“这就是黄金价格承压的主要原因。”</p>
</div><h2>Aluminium falls from highs</h2>
<div class="lb-trans"><h2>铝价从高位回落</h2>
</div><p>The base metals index remains largely affected by the geopolitical uncertainty in the Middle East.</p>
<div class="lb-trans"><p>基本金属指数在很大程度上受到中东地缘政治不确定性的影响。</p>
</div><p>The aluminum market continues to feel the effects of supply concerns stemming from the Iran conflict.</p>
<div class="lb-trans"><p>铝市场继续受到伊朗冲突引发的供应担忧的影响。</p>
</div><p>This week, requests for aluminum withdrawal from LME warehouses surged to their highest level since spring 2024.</p>
<div class="lb-trans"><p>本周，从 LME 仓库提取铝的请求激增至自 2024 年春季以来的最高水平。</p>
</div><p>The majority of these requests targeted warehouses in Malaysia, indicating a particularly tight supply situation within the Asian market, Nguyen said.</p>
<div class="lb-trans"><p>这些请求大多数针对马来西亚的仓库，表明亚洲市场的供应情况特别紧张，Nguyen 表示。</p>
</div><p>Reports also suggested that a major mining company has substantially raised the premiums for aluminum purchasers in Japan, marking the highest level in over a decade.</p>
<div class="lb-trans"><p>报告还显示，一家大型矿业公司已大幅提高日本铝采购商的溢价，达到了十多年来的最高水平。</p>
</div><p>“However, since China is by far the world's largest aluminum producer, producers there could increase their exports in the short term — not least because of the more attractive prices — and potentially provide relief,” Nguyen said.</p>
<div class="lb-trans"><p>“然而，由于中国是全球最大的铝生产国，生产商可能会在短期内增加出口——尤其是因为价格更具吸引力——并可能提供缓解，” Nguyen 表示。</p>
</div><p>However, the three-month aluminium contract on the London Metal Exchange fell due to a stronger dollar.</p>
<div class="lb-trans"><p>然而，由于美元走强，伦敦金属交易所的三个月铝合约下跌。</p>
</div><p>A stronger dollar makes commodities priced in the greenback more expensive for overseas buyers, thereby limiting demand.</p>
<div class="lb-trans"><p>美元走强使以美元计价的商品对海外买家变得更加昂贵，从而限制了需求。</p>
</div><p>At the time of writing, the aluminium contract on LME was at $3,484.45 per ton, down 1%. The copper contract was down 0.5% at $12,920 per ton.</p>
<div class="lb-trans"><p>在撰写本文时，LME 上的铝合约价格为每吨 3484.45 美元，下跌 1%。铜合约价格下跌 0.5%，报每吨 12920 美元。</p>
</div><p>The post Commodity wrap: Brent below $100 after US Russia oil waiver; gold slips appeared first on Invezz</p>
<div class="lb-trans"><p>商品综述：美国对俄罗斯石油的豁免后布伦特原油跌破 100 美元；黄金下滑的文章首次出现在 Invezz 上。</p>
</div>

Commodity wrap: Brent below $100 after US Russia oil waiver; gold slips

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贵金属股 ETF -ETFS

Sprott Active Gold & Silver Miners ETF

商品综述：由于美国对俄罗斯石油的豁免，布伦特原油价格跌破 100 美元；黄金价格下跌