<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.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/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.png"/></p>
<p>由于美国与伊朗的和平谈判停滞不前以及霍尔木兹海峡的贸易限制，油价在周四保持稳定，维持了之前的涨幅。</p>
<p>黄金在周四削减了大部分早期涨幅，此前有消息称黎巴嫩与以色列的停火可能延长，同时美国失业救济申请数据略有上升，导致国债收益率回落。</p>
<p>然而，银价在周四下跌超过 2%，交易价格接近每盎司 76.255 美元。</p>
<p>尽管周三表现强劲，铜价在隔夜交易中失去了大部分涨幅。由于交易者面临来自中东的波动信号，铜价仍然受到新闻的驱动。</p>
<p>另一方面，铝价也在每吨 3600 美元以上保持稳定。由于中东供应严重中断，该金属仍然是市场的重点关注。</p>
<p>对主要海湾冶炼厂的罢工以及霍尔木兹海峡的有效关闭，已导致全球重要产量的停滞，分析师称之为潜在的 “黑天鹅” 供应冲击。</p>
<p>“由于关税进一步施加上行压力，电力基础设施和与人工智能相关行业的需求加速，铝价在短期内可能会保持良好支撑，” Britannia Global Markets 的金属市场负责人 Neil Welsh 在一封电子邮件评论中表示。</p>
<h2>油价稳定</h2>
<p>周四油价保持稳定，维持了前一交易日的涨幅。</p>
<p>这种稳定性归因于伊朗与美国之间的和平谈判停滞，以及霍尔木兹海峡的商业限制。</p>
<p>在撰写本文时，布伦特原油合约价格为每桶 102.52 美元，上涨 0.6%；而西德克萨斯中质原油价格上涨 0.3%，至每桶 93.19 美元。</p>
<p>周三，两种基准油价均上涨超过 3 美元。这一涨幅受到两个因素的推动：伊朗和平谈判没有进展，以及美国汽油和馏分油库存的下降幅度超出预期。</p>
<p>尽管美国总统唐纳德·特朗普在巴基斯坦调解者的请求下延长了停火，但伊朗和美国对霍尔木兹海峡的船只通行仍然有限制。</p>
<p>自 2 月 28 日战争开始以来，这条关键水道的通行量已受到限制，之前约占全球每日石油供应的 20%。</p>
<p>尽管特朗普在周四声称美国对霍尔木兹海峡 “完全控制”，并 “紧紧封锁” 该海峡，直到伊朗达成协议，但伊朗在周三在该水道扣押了两艘船只，显示出其对这一战略要道的影响力。</p>
<p>美国对伊朗的海上贸易维持海军封锁。然而，伊朗议会发言人及首席谈判代表穆罕默德·巴基尔·卡里巴夫表示，只有解除这一封锁，全面停火才是可行的。</p>
<p>数据分析公司 Vortexa 反驳了成功封锁的说法，报告称在 4 月 13 日至 21 日期间，约 1070 万桶伊朗原油出口成功穿越霍尔木兹海峡，离开被封锁区域。</p>
<p>此外，航运和安全消息来源周三报告称，美国军方在亚洲水域拦截了至少三艘悬挂伊朗国旗的油轮，并将其引导远离靠近印度、马来西亚和斯里兰卡的位置。</p>
<h2>黄金削减早期涨幅</h2>
<p>周四黄金削减了早期的损失，撰写时交易价格基本持平。</p>
<p>黎巴嫩和以色列的特使第二次会议定于周四在美国举行。</p>
<p>黎巴嫩预计将在以色列空袭造成至少五人死亡（包括一名记者）后，寻求延长停火。</p>
<p>由于基准 10 年期美国国债收益率回落至一周多来的高点，非收益性黄金作为投资变得更具吸引力。</p>
<p>与此同时，上周美国初次申请失业救济人数增加超过预期，增加了 6000 人，调整后为 214,000 人，超过路透社调查的 210,000 人预期。</p>
<p>此外，伊朗的冲突推动了油价上涨，周四布伦特原油交易价格超过每桶 100 美元。这一激增归因于美国与伊朗之间和平谈判的停滞，以及霍尔木兹海峡的贸易限制。</p>
<p>能源价格的急剧上涨助长了通货膨胀，通常会增加加息的可能性。</p>
<p>尽管黄金传统上被视为对抗通货膨胀的避险资产，但更高的利率往往会降低这种非收益性资产的吸引力。</p>
<p>“在过去三周，黄金 ETF 的资金流入已转为正值。这表明在 3 月份的抛售后，投资者的兴趣恢复，” ING Economics 的商品策略师 Ewa Manthey 在一份报告中表示。</p>
<p>COMEX 黄金合约价格为每盎司 4747.60 美元，与前一交易日收盘价基本持平。</p>
<p>商品综述：油价稳定；黄金削减早期涨幅的文章首次出现在 Invezz 上。</p>

美国 WTI 原油 ETF

黄金 ETF - SPDR

德银基础金属 ETF - PowerShares

<p>油价因美国与伊朗的和平谈判停滞以及霍尔木兹海峡的贸易限制而保持稳定，布伦特原油价格为每桶 102.52 美元。由于黎巴嫩与以色列可能延长停火协议以及美国失业救济申请人数上升，黄金削减了早期的涨幅。白银下跌超过 2%，而铜则失去了大部分之前的涨幅。铝价保持在每吨 3600 美元以上，受到中东供应中断的支撑。分析师表示，由于关税和基础设施需求，铝的需求可能会增加</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/02/20260226_1906_Image-Generation_simple_compose_01kjd2k73dfssvn49q7bqrz3r6.png"/></p>
<p>Oil prices held steady Thursday, maintaining prior gains due to the stalled US-Iran peace talks and ongoing trade restrictions in the Strait of Hormuz.</p>
<div class="lb-trans"><p>由于美国与伊朗的和平谈判停滞不前以及霍尔木兹海峡的贸易限制，油价在周四保持稳定，维持了之前的涨幅。</p>
</div><p>Gold pared most of its earlier gains, following news of a potential Lebanon-Israel ceasefire extension and paring of gains in Treasury yields after US jobless claims data showed a slight increase.</p>
<div class="lb-trans"><p>黄金在周四削减了大部分早期涨幅，此前有消息称黎巴嫩与以色列的停火可能延长，同时美国失业救济申请数据略有上升，导致国债收益率回落。</p>
</div><p>Silver, however, fell more than 2% to trade near $76.255 per ounce on Thursday.</p>
<div class="lb-trans"><p>然而，银价在周四下跌超过 2%，交易价格接近每盎司 76.255 美元。</p>
</div><p>Despite a strong performance on Wednesday, copper relinquished most of those gains overnight. It continues to be driven by headlines as traders contend with fluctuating signals emerging from the Middle East.</p>
<div class="lb-trans"><p>尽管周三表现强劲，铜价在隔夜交易中失去了大部分涨幅。由于交易者面临来自中东的波动信号，铜价仍然受到新闻的驱动。</p>
</div><p>Aluminium, on the other hand, was also steady above the $3,600 per ton mark. The metal remains a key focus due to severe Middle East supply disruptions.</p>
<div class="lb-trans"><p>另一方面，铝价也在每吨 3600 美元以上保持稳定。由于中东供应严重中断，该金属仍然是市场的重点关注。</p>
</div><p>Strikes on major Gulf smelters and the effective closure of Hormuz have halted significant global output, creating what analysts term a potential &#34;black swan&#34; supply shock.</p>
<div class="lb-trans"><p>对主要海湾冶炼厂的罢工以及霍尔木兹海峡的有效关闭，已导致全球重要产量的停滞，分析师称之为潜在的 “黑天鹅” 供应冲击。</p>
</div><p>“With tariffs adding further upward pressure and demand from power infrastructure and AI-related sectors accelerating, aluminium could remain well supported in the near term,” Neil Welsh, head of metals market at Britannia Global Markets, said in an emailed commentary.</p>
<div class="lb-trans"><p>“由于关税进一步施加上行压力，电力基础设施和与人工智能相关行业的需求加速，铝价在短期内可能会保持良好支撑，” Britannia Global Markets 的金属市场负责人 Neil Welsh 在一封电子邮件评论中表示。</p>
</div><h2>Oil steady</h2>
<div class="lb-trans"><h2>油价稳定</h2>
</div><p>Oil prices remained steady on Thursday, maintaining the previous session's increases.</p>
<div class="lb-trans"><p>周四油价保持稳定，维持了前一交易日的涨幅。</p>
</div><p>This stability was attributed to the stalled peace negotiations between Iran and the United States, as well as ongoing limitations on commerce through the Strait of Hormuz.</p>
<div class="lb-trans"><p>这种稳定性归因于伊朗与美国之间的和平谈判停滞，以及霍尔木兹海峡的商业限制。</p>
</div><p>At the time of writing, the Brent crude oil contract was at $102.52 per barrel, up 0.6%, while West Texas Intermediate prices were 0.3% higher at $93.19 a barrel.</p>
<div class="lb-trans"><p>在撰写本文时，布伦特原油合约价格为每桶 102.52 美元，上涨 0.6%；而西德克萨斯中质原油价格上涨 0.3%，至每桶 93.19 美元。</p>
</div><p>On Wednesday, both benchmarks saw a gain of over $3. This increase was driven by two factors: a lack of advancement in the Iran peace negotiations and US gasoline and distillate stock draws that were larger than expected.</p>
<div class="lb-trans"><p>周三，两种基准油价均上涨超过 3 美元。这一涨幅受到两个因素的推动：伊朗和平谈判没有进展，以及美国汽油和馏分油库存的下降幅度超出预期。</p>
</div><p>Despite US President Donald Trump extending the ceasefire following a request from Pakistani mediators, restrictions remain on ship transit through the strait by both Iran and the US.</p>
<div class="lb-trans"><p>尽管美国总统唐纳德·特朗普在巴基斯坦调解者的请求下延长了停火，但伊朗和美国对霍尔木兹海峡的船只通行仍然有限制。</p>
</div><p>This critical waterway, which previously handled approximately 20% of the world's daily oil supply, has been restricted since the war started on February 28.</p>
<div class="lb-trans"><p>自 2 月 28 日战争开始以来，这条关键水道的通行量已受到限制，之前约占全球每日石油供应的 20%。</p>
</div><p>Despite Trump's claim on Thursday that the US had &#34;total control&#34; and had &#34;sealed up tight&#34; the Strait of Hormuz until Iran made a deal, Iran seized two ships in the waterway on Wednesday, demonstrating its influence over the strategic chokepoint.</p>
<div class="lb-trans"><p>尽管特朗普在周四声称美国对霍尔木兹海峡 “完全控制”，并 “紧紧封锁” 该海峡，直到伊朗达成协议，但伊朗在周三在该水道扣押了两艘船只，显示出其对这一战略要道的影响力。</p>
</div><p>The US has maintained a Navy blockade on Iran's sea trade. However, Iranian parliament speaker and top negotiator Mohammad Baqer Qalibaf stated that a full ceasefire is only viable if this blockade is lifted.</p>
<div class="lb-trans"><p>美国对伊朗的海上贸易维持海军封锁。然而，伊朗议会发言人及首席谈判代表穆罕默德·巴基尔·卡里巴夫表示，只有解除这一封锁，全面停火才是可行的。</p>
</div><p>Countering the narrative of a successful blockade, data analytics company Vortexa reported that approximately 10.7 million barrels of Iranian crude exports successfully traversed the Strait of Hormuz and departed the blockaded area between April 13 and 21.</p>
<div class="lb-trans"><p>数据分析公司 Vortexa 反驳了成功封锁的说法，报告称在 4 月 13 日至 21 日期间，约 1070 万桶伊朗原油出口成功穿越霍尔木兹海峡，离开被封锁区域。</p>
</div><p>Separately, shipping and security sources reported on Wednesday that the US military has intercepted at least three Iranian-flagged tankers in Asian waters, redirecting them away from positions near India, Malaysia, and Sri Lanka.</p>
<div class="lb-trans"><p>此外，航运和安全消息来源周三报告称，美国军方在亚洲水域拦截了至少三艘悬挂伊朗国旗的油轮，并将其引导远离靠近印度、马来西亚和斯里兰卡的位置。</p>
</div><h2>Gold pares early gains</h2>
<div class="lb-trans"><h2>黄金削减早期涨幅</h2>
</div><p>Gold pared early losses on Thursday to trade largely unchanged at the time of writing.</p>
<div class="lb-trans"><p>周四黄金削减了早期的损失，撰写时交易价格基本持平。</p>
</div><p>A second meeting between Lebanese and Israeli envoys is scheduled to take place in the US on Thursday.</p>
<div class="lb-trans"><p>黎巴嫩和以色列的特使第二次会议定于周四在美国举行。</p>
</div><p>Lebanon is expected to seek an extension of the ceasefire following Israeli airstrikes that killed at least five people, including a journalist, the day before.</p>
<div class="lb-trans"><p>黎巴嫩预计将在以色列空袭造成至少五人死亡（包括一名记者）后，寻求延长停火。</p>
</div><p>Non-yielding bullion became more appealing as an investment after the benchmark 10-year US Treasury yields surrendered most of their earlier gains, pulling back from an over one-week high.</p>
<div class="lb-trans"><p>由于基准 10 年期美国国债收益率回落至一周多来的高点，非收益性黄金作为投资变得更具吸引力。</p>
</div><p>Meanwhile, initial claims for unemployment benefits in the US rose more than expected last week, increasing by 6,000 to a seasonally adjusted 214,000 for the week ended April 18. This figure exceeded the Reuters' poll forecast of 210,000.</p>
<div class="lb-trans"><p>与此同时，上周美国初次申请失业救济人数增加超过预期，增加了 6000 人，调整后为 214,000 人，超过路透社调查的 210,000 人预期。</p>
</div><p>In addition, the conflict in Iran has pushed oil prices higher, with Brent crude trading above $100 per barrel on Thursday. This surge is attributed to the stalling of peace negotiations between the US and Iran, alongside ongoing restrictions on trade through the Strait of Hormuz.</p>
<div class="lb-trans"><p>此外，伊朗的冲突推动了油价上涨，周四布伦特原油交易价格超过每桶 100 美元。这一激增归因于美国与伊朗之间和平谈判的停滞，以及霍尔木兹海峡的贸易限制。</p>
</div><p>The steep rise in energy prices contributes to inflation, which typically increases the likelihood of interest rate hikes.</p>
<div class="lb-trans"><p>能源价格的急剧上涨助长了通货膨胀，通常会增加加息的可能性。</p>
</div><p>Although gold is traditionally viewed as a hedge against inflation, higher interest rates tend to diminish the appeal of this non-yielding asset.</p>
<div class="lb-trans"><p>尽管黄金传统上被视为对抗通货膨胀的避险资产，但更高的利率往往会降低这种非收益性资产的吸引力。</p>
</div><p>“Gold ETF flows have turned positive over the past three weeks. This points to renewed investor interest following the March sell-off,” Ewa Manthey, commodities strategist at ING Economics, said in a note.</p>
<div class="lb-trans"><p>“在过去三周，黄金 ETF 的资金流入已转为正值。这表明在 3 月份的抛售后，投资者的兴趣恢复，” ING Economics 的商品策略师 Ewa Manthey 在一份报告中表示。</p>
</div><p>The COMEX gold contract was at $4,747.60 per ounce, largely unchanged from the previous close.</p>
<div class="lb-trans"><p>COMEX 黄金合约价格为每盎司 4747.60 美元，与前一交易日收盘价基本持平。</p>
</div><p>The post Commodity wrap: Oil steady; gold pares early gains appeared first on Invezz</p>
<div class="lb-trans"><p>商品综述：油价稳定；黄金削减早期涨幅的文章首次出现在 Invezz 上。</p>
</div>

商品综述：油价保持稳定；黄金回吐早期的涨幅