<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>布倫特原油價格在週四重新回到每桶 100 美元以上，此前伊朗新最高領袖莫赫塔巴·哈梅內伊表示霍爾木茲海峽將繼續關閉。</p>
<p>與此同時，黃金和白銀繼續在低迷中交易，強勢美元和美聯儲降息空間有限對市場情緒造成了壓力。</p>
<p>此外，中東持續的衝突繼續對地區生產商造成供應中斷的風險，導致鋁價連續第三天上漲。</p>
<h2>布倫特重新回到 100 美元以上</h2>
<p>由於霍爾木茲海峽的供應中斷，布倫特原油價格上漲超過 9%。該合約最後報 101 美元每桶。</p>
<p>哈梅內伊是前伊朗領導人阿里·哈梅內伊的兒子，後者在 2 月底美國和以色列對伊朗的攻擊中被殺，是他繼承父親職位後的首次公開發言。</p>
<p>他宣稱，伊朗不會猶豫 “為國家的烈士復仇”。</p>
<p>霍爾木茲海峽的關閉嚴重影響了能源市場，導致全球 20% 的原油和液化天然氣供應中斷。</p>
<p>這一中斷髮生在伊朗對波斯灣航運的攻擊和針對多個地區國家的導彈襲擊之後。</p>
<p>這一局勢的嚴重性與美國總統唐納德·特朗普本週早些時候聲稱衝突幾乎結束的説法形成鮮明對比。</p>
<p>Trade Nation 的高級市場分析師大衞·莫里森表示：“美國無法重新開放霍爾木茲海峽併為通過的航運提供安全，表明他們的主導地位是有限的。”</p>
<p>ANZ 分析師指出，市場仍未完全考慮到衝突可能持續的時間及其帶來的動盪。</p>
<p>ANZ 分析師表示：“一旦衝突超出初始震盪階段，油市往往會從定價不確定性轉向定價耐力。”</p>
<p>“此時，關鍵問題不再是供應是否中斷，而是生產者在惡化的運營條件下能否在多長時間內維持產出。”</p>
<h2>黃金疲軟</h2>
<p>自中東衝突開始以來，市場對黃金的走勢感到困惑。</p>
<p>美元連續第三個交易日走強。</p>
<p>作為一種競爭性的避險資產，強勢美元提高了持有其他貨幣的投資者購買黃金的成本。</p>
<p>原油價格上漲通過推高運輸和生產成本來助長通貨膨脹。</p>
<p>雖然黃金通常被視為對抗通貨膨脹的保障，但利率上升使得產生收益的資產更具吸引力，從而降低了黃金的吸引力。</p>
<p>預計黃金價格將在中東衝突情況變得更加明朗之前保持當前走勢。</p>
<p>儘管黃金在地緣政治危機期間歷史上被視為可靠的避險資產，但自 2 月 28 日首次空襲以來，黃金意外下跌約 200 美元，違背了市場的典型反應。</p>
<p>Kitco 的技術市場分析師加里·瓦格納在一份報告中表示：“解釋在於襲擊後的直接後果，當時美元作為避險流動的主要受益者飆升，實際上擠壓了黃金的典型角色。”</p>
<p>市場的關注點最近發生了轉變。現在的焦點是，持續的衝突如何影響能源供應，並可能改變美聯儲的貨幣政策路徑。</p>
<p>這種關注點的變化反過來成為影響黃金價格的重要因素。</p>
<p>在其他方面，COMEX 上的白銀最後報每盎司 85.110 美元，下跌 0.5%，而黃金則下跌 0.9%，報每盎司 5,133.19 美元。</p>
<h2>鋁價接近四年高點</h2>
<p>全球鋁價連續第三天飆升，達到自 2022 年 4 月以來的最高水平，因為中東持續的衝突加劇了對更深層次供應中斷的擔憂。</p>
<p>BMI（Fitch Solutions Inc.的一個單位）在一份報告中表示，鋁價仍有顯著上漲空間，預計將向每噸 3,700 美元邁進。</p>
<p>美國和歐洲的溢價飆升反映了 “西方買家的日益擔憂”，它補充道。</p>
<p>BMI 表示，近期的發展顯著增加了更嚴重供應短缺的可能性，預計全球市場赤字將在今年加深至 106 萬噸。</p>
<p>從倫敦金屬交易所的倉庫網絡中提取庫存的重大訂單表明，市場開始收緊。</p>
<p>儘管供應方面來自中國、印度尼西亞和安哥拉的新鋁項目的生產有所增加，但中東日益升級的地緣政治衝突預計將導致鋁的日均生產下降。</p>
<p>預計這種下降是由於衝突可能對該地區某些鋁冶煉廠的生產或運輸產生影響。</p>
<p>倫敦金屬交易所的三個月鋁合約報每噸 3,494 美元，上漲 1.4%。該合約當天早些時候曾達到每噸 3,542.15 美元的高點。</p>
<p>商品綜述：布倫特重新回到 100 美元以上，黃金仍然停滯，首次出現在 Invezz 上。</p>

SPDR 金 ETF

紐蒙特礦業

<p>布倫特原油價格已超過每桶 100 美元，主要受到霍爾木茲海峽供應中斷的推動，此前伊朗新任最高領袖發表了相關聲明。由於美元走強和美聯儲利率削減有限，黃金和白銀價格正在下跌。持續的中東衝突導致鋁價飆升，達到自 2022 年 4 月以來的最高水平。分析師警告可能出現長期供應中斷，影響能源市場和通貨膨脹</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>布倫特原油價格在週四重新回到每桶 100 美元以上，此前伊朗新最高領袖莫赫塔巴·哈梅內伊表示霍爾木茲海峽將繼續關閉。</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>與此同時，黃金和白銀繼續在低迷中交易，強勢美元和美聯儲降息空間有限對市場情緒造成了壓力。</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，中東持續的衝突繼續對地區生產商造成供應中斷的風險，導致鋁價連續第三天上漲。</p>
</div><h2>Brent back above $100</h2>
<div class="lb-trans"><h2>布倫特重新回到 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>由於霍爾木茲海峽的供應中斷，布倫特原油價格上漲超過 9%。該合約最後報 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>哈梅內伊是前伊朗領導人阿里·哈梅內伊的兒子，後者在 2 月底美國和以色列對伊朗的攻擊中被殺，是他繼承父親職位後的首次公開發言。</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>他宣稱，伊朗不會猶豫 “為國家的烈士復仇”。</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>霍爾木茲海峽的關閉嚴重影響了能源市場，導致全球 20% 的原油和液化天然氣供應中斷。</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>這一中斷髮生在伊朗對波斯灣航運的攻擊和針對多個地區國家的導彈襲擊之後。</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>這一局勢的嚴重性與美國總統唐納德·特朗普本週早些時候聲稱衝突幾乎結束的説法形成鮮明對比。</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 的高級市場分析師大衞·莫里森表示：“美國無法重新開放霍爾木茲海峽併為通過的航運提供安全，表明他們的主導地位是有限的。”</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 分析師指出，市場仍未完全考慮到衝突可能持續的時間及其帶來的動盪。</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 分析師表示：“一旦衝突超出初始震盪階段，油市往往會從定價不確定性轉向定價耐力。”</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>“此時，關鍵問題不再是供應是否中斷，而是生產者在惡化的運營條件下能否在多長時間內維持產出。”</p>
</div><h2>Gold falters</h2>
<div class="lb-trans"><h2>黃金疲軟</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>自中東衝突開始以來，市場對黃金的走勢感到困惑。</p>
</div><p>The dollar strengthened for the third session in a row.</p>
<div class="lb-trans"><p>美元連續第三個交易日走強。</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>作為一種競爭性的避險資產，強勢美元提高了持有其他貨幣的投資者購買黃金的成本。</p>
</div><p>Rising crude prices contribute to inflation by driving up both transportation and production expenses.</p>
<div class="lb-trans"><p>原油價格上漲通過推高運輸和生產成本來助長通貨膨脹。</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>雖然黃金通常被視為對抗通貨膨脹的保障，但利率上升使得產生收益的資產更具吸引力，從而降低了黃金的吸引力。</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>預計黃金價格將在中東衝突情況變得更加明朗之前保持當前走勢。</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>儘管黃金在地緣政治危機期間歷史上被視為可靠的避險資產，但自 2 月 28 日首次空襲以來，黃金意外下跌約 200 美元，違背了市場的典型反應。</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 的技術市場分析師加里·瓦格納在一份報告中表示：“解釋在於襲擊後的直接後果，當時美元作為避險流動的主要受益者飆升，實際上擠壓了黃金的典型角色。”</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>市場的關注點最近發生了轉變。現在的焦點是，持續的衝突如何影響能源供應，並可能改變美聯儲的貨幣政策路徑。</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>這種關注點的變化反過來成為影響黃金價格的重要因素。</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 上的白銀最後報每盎司 85.110 美元，下跌 0.5%，而黃金則下跌 0.9%，報每盎司 5,133.19 美元。</p>
</div><h2>Aluminium hits near four-year high</h2>
<div class="lb-trans"><h2>鋁價接近四年高點</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>全球鋁價連續第三天飆升，達到自 2022 年 4 月以來的最高水平，因為中東持續的衝突加劇了對更深層次供應中斷的擔憂。</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.的一個單位）在一份報告中表示，鋁價仍有顯著上漲空間，預計將向每噸 3,700 美元邁進。</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>美國和歐洲的溢價飆升反映了 “西方買家的日益擔憂”，它補充道。</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，近期的發展顯著增加了更嚴重供應短缺的可能性，預計全球市場赤字將在今年加深至 106 萬噸。</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>從倫敦金屬交易所的倉庫網絡中提取庫存的重大訂單表明，市場開始收緊。</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>儘管供應方面來自中國、印度尼西亞和安哥拉的新鋁項目的生產有所增加，但中東日益升級的地緣政治衝突預計將導致鋁的日均生產下降。</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>預計這種下降是由於衝突可能對該地區某些鋁冶煉廠的生產或運輸產生影響。</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>倫敦金屬交易所的三個月鋁合約報每噸 3,494 美元，上漲 1.4%。該合約當天早些時候曾達到每噸 3,542.15 美元的高點。</p>
</div><p>The post Commodity wrap: Brent back above $100, gold remains stuck appeared first on Invezz</p>
<div class="lb-trans"><p>商品綜述：布倫特重新回到 100 美元以上，黃金仍然停滯，首次出現在 Invezz 上。</p>
</div>

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

invezz

Kinross Gold

黃金勘探商 ETF - GlobalX

2 倍做多小型金礦指數 ETF - Direxion

黃金礦 ETF - Sprott

能源業 ETF - SPDR

美國 WTI 原油 ETF

2 倍做多金礦指數 ETF - Direxion

黃金 ETF - iShares

金礦小盤股 ETF - VanEck Vectors

商品綜述：布倫特原油價格重新回到每桶 100 美元以上，而黃金價格仍然停滯不前