<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>由於美國對受制裁的俄羅斯原油給予豁免，以及一艘印度油輪駛出霍爾木茲海峽，油價在週五下跌超過 2%。</p>
<p>然而，由於中東衝突持續，布倫特原油和西德克薩斯中質原油這兩個基準仍有望實現周度上漲。</p>
<p>另一方面，由於高油價降低了降息預期，強勢美元對市場情緒造成壓力，黃金價格正面臨連續第二週的下跌。</p>
<p>此外，週五 COMEX 上的銀價也下跌了近 1%。</p>
<p>與此同時，鋁價在前一交易日觸及多年高點後出現回落。</p>
<h2>油價下跌</h2>
<p>儘管中東衝突導致供應中斷的情況依然嚴重，油價在週五仍然下跌。</p>
<p>這一下跌發生在一艘印度油輪駛出霍爾木茲海峽之際，美國也採取了旨在緩解供應擔憂的措施。</p>
<p>儘管如此，油價仍有望實現周度上漲。</p>
<p>根據週五的媒體報道，一艘懸掛印度國旗的油輪已離開霍爾木茲海峽東部，運送前往非洲的汽油。</p>
<p>&#34;一些石油正在通過海峽，但這並不意味着它會重新開放，&#34; PVM 經紀公司的石油分析師 Tamas Varga 表示。&#34;這一下跌應被視為短暫的。&#34;</p>
<p>為了穩定全球能源市場，財政部長 Scott Bessent 宣佈了一項為期 30 天的美國許可證，允許各國購買目前滯留在海上的俄羅斯石油和石油產品。</p>
<p>這一決定旨在應對美國與以色列與伊朗之間衝突造成的供應中斷。</p>
<p>根據俄羅斯總統特使 Kirill Dmitriev 的説法，這項臨時許可證影響約 1 億桶俄羅斯原油，幾乎相當於全球每日總石油產量的一天。</p>
<p>在關於俄羅斯石油的公告前一天，美國能源部表示，華盛頓將從戰略石油儲備中釋放 1.72 億桶石油。</p>
<p>這一措施旨在幫助遏制飆升的油價。</p>
<p>即使在美國財政部長 Scott Bessent 宣佈解除對目前在海上的俄羅斯油輪的制裁一個月後，近期市場的漲幅幾乎沒有受到影響。</p>
<p>“主要問題是霍爾木茲海峽實際上對所有航運仍然封閉，從而切斷了全球約 20% 的能源供應，” Trade Nation 的高級市場分析師 David Morrison 表示。</p>
<p>在撰寫本文時，WTI 原油價格為每桶 93.41 美元，下跌 2.4%；而布倫特原油價格為每桶 98.86 美元，較前一交易日下跌 1.5%。</p>
<h2>黃金面臨周度虧損</h2>
<p>黃金價格已跌回每盎司 5100 美元以下，這一下降歸因於伊朗持續未解決的衝突。</p>
<p>儘管 COMEX 上的黃金合約最後報每盎司 5114.41 美元，但當天早些時候曾觸及每盎司 5066.51 美元的低點。</p>
<p>由於多種因素，包括飆升的油價，降低了對降息的預期，黃金正面臨連續第二週的下跌，促使投資者平倉。</p>
<p>此外，美元走強和美國國債收益率上升進一步對金屬價格施加壓力。</p>
<p>在伊朗誓言關閉霍爾木茲海峽後，全球能源供應和風險資產的擔憂加劇。</p>
<p>美元攀升至三個月高點，10 年期美國國債收益率達到近六週高點。</p>
<p>投資者關注兩個關鍵事件：週五即將發佈的延遲的 1 月份個人消費支出（PCE）數據，以及下週美聯儲的為期兩天的會議。</p>
<p>儘管近期的通脹數據表明價格增長受到控制，但原油價格飆升的全面影響尚未顯現。</p>
<p>根據 CME 集團的 FedWatch 工具，交易員普遍預計美聯儲下週將維持利率不變。</p>
<p>例如，美國市場並未完全預期美聯儲在今年年底前甚至降息 25 個基點，這與 2 月底市場仍在考慮 2.5 次降息的情況相比，發生了顯著變化，Commerzbank AG 的外匯和商品研究負責人 Thu Lan Nguyen 表示。</p>
<p>“這就是黃金價格承壓的主要原因。”</p>
<h2>鋁價從高位回落</h2>
<p>基本金屬指數在很大程度上受到中東地緣政治不確定性的影響。</p>
<p>鋁市場繼續受到伊朗衝突引發的供應擔憂的影響。</p>
<p>本週，從 LME 倉庫提取鋁的請求激增至自 2024 年春季以來的最高水平。</p>
<p>這些請求大多數針對馬來西亞的倉庫，表明亞洲市場的供應情況特別緊張，Nguyen 表示。</p>
<p>報告還顯示，一家大型礦業公司已大幅提高日本鋁採購商的溢價，達到了十多年來的最高水平。</p>
<p>“然而，由於中國是全球最大的鋁生產國，生產商可能會在短期內增加出口——尤其是因為價格更具吸引力——並可能提供緩解，” Nguyen 表示。</p>
<p>然而，由於美元走強，倫敦金屬交易所的三個月鋁合約下跌。</p>
<p>美元走強使以美元計價的商品對海外買家變得更加昂貴，從而限制了需求。</p>
<p>在撰寫本文時，LME 上的鋁合約價格為每噸 3484.45 美元，下跌 1%。銅合約價格下跌 0.5%，報每噸 12920 美元。</p>
<p>商品綜述：美國對俄羅斯石油的豁免後布倫特原油跌破 100 美元；黃金下滑的文章首次出現在 Invezz 上。</p>

中金黃金

阿尼科伊格爾礦業

山東黃金

<p>油價在美國對受制裁的俄羅斯原油授予豁免後下跌超過 2%，儘管由於中東緊張局勢，布倫特和 WTI 原油仍有望實現周度上漲。由於高油價和美元走強對市場情緒造成壓力，黃金價格預計將迎來第二週的下跌。白銀價格下跌近 1%，而鋁價在達到多年高點後也出現下跌。美國宣佈了一項為期 30 天的購買俄羅斯石油的許可證，影響約 1 億桶原油，而霍爾木茲海峽仍然有效封鎖，影響全球能源供應</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>由於美國對受制裁的俄羅斯原油給予豁免，以及一艘印度油輪駛出霍爾木茲海峽，油價在週五下跌超過 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，由於中東衝突持續，布倫特原油和西德克薩斯中質原油這兩個基準仍有望實現周度上漲。</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，由於高油價降低了降息預期，強勢美元對市場情緒造成壓力，黃金價格正面臨連續第二週的下跌。</p>
</div><p>Elsewhere, silver on COMEX also dipped nearly 1% on Friday.</p>
<div class="lb-trans"><p>此外，週五 COMEX 上的銀價也下跌了近 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>與此同時，鋁價在前一交易日觸及多年高點後出現回落。</p>
</div><h2>Oil falls</h2>
<div class="lb-trans"><h2>油價下跌</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>儘管中東衝突導致供應中斷的情況依然嚴重，油價在週五仍然下跌。</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>這一下跌發生在一艘印度油輪駛出霍爾木茲海峽之際，美國也採取了旨在緩解供應擔憂的措施。</p>
</div><p>Nonetheless, oil prices were still set to register weekly gains.</p>
<div class="lb-trans"><p>儘管如此，油價仍有望實現周度上漲。</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>根據週五的媒體報道，一艘懸掛印度國旗的油輪已離開霍爾木茲海峽東部，運送前往非洲的汽油。</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;一些石油正在通過海峽，但這並不意味着它會重新開放，&#34; PVM 經紀公司的石油分析師 Tamas Varga 表示。&#34;這一下跌應被視為短暫的。&#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>為了穩定全球能源市場，財政部長 Scott Bessent 宣佈了一項為期 30 天的美國許可證，允許各國購買目前滯留在海上的俄羅斯石油和石油產品。</p>
</div><p>This decision addresses the disruption caused by the US-Israeli conflict with Iran.</p>
<div class="lb-trans"><p>這一決定旨在應對美國與以色列與伊朗之間衝突造成的供應中斷。</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>根據俄羅斯總統特使 Kirill Dmitriev 的説法，這項臨時許可證影響約 1 億桶俄羅斯原油，幾乎相當於全球每日總石油產量的一天。</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>在關於俄羅斯石油的公告前一天，美國能源部表示，華盛頓將從戰略石油儲備中釋放 1.72 億桶石油。</p>
</div><p>This measure was intended to help curb the skyrocketing oil prices.</p>
<div class="lb-trans"><p>這一措施旨在幫助遏制飆升的油價。</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>即使在美國財政部長 Scott Bessent 宣佈解除對目前在海上的俄羅斯油輪的制裁一個月後，近期市場的漲幅幾乎沒有受到影響。</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>“主要問題是霍爾木茲海峽實際上對所有航運仍然封閉，從而切斷了全球約 20% 的能源供應，” Trade Nation 的高級市場分析師 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>在撰寫本文時，WTI 原油價格為每桶 93.41 美元，下跌 2.4%；而布倫特原油價格為每桶 98.86 美元，較前一交易日下跌 1.5%。</p>
</div><h2>Gold heads for weekly loss</h2>
<div class="lb-trans"><h2>黃金面臨周度虧損</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>黃金價格已跌回每盎司 5100 美元以下，這一下降歸因於伊朗持續未解決的衝突。</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>儘管 COMEX 上的黃金合約最後報每盎司 5114.41 美元，但當天早些時候曾觸及每盎司 5066.51 美元的低點。</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>由於多種因素，包括飆升的油價，降低了對降息的預期，黃金正面臨連續第二週的下跌，促使投資者平倉。</p>
</div><p>Additionally, the strengthening dollar and rising US yields further weighed on the metal.</p>
<div class="lb-trans"><p>此外，美元走強和美國國債收益率上升進一步對金屬價格施加壓力。</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>在伊朗誓言關閉霍爾木茲海峽後，全球能源供應和風險資產的擔憂加劇。</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>美元攀升至三個月高點，10 年期美國國債收益率達到近六週高點。</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>投資者關注兩個關鍵事件：週五即將發佈的延遲的 1 月份個人消費支出（PCE）數據，以及下週美聯儲的為期兩天的會議。</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>儘管近期的通脹數據表明價格增長受到控制，但原油價格飆升的全面影響尚未顯現。</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>根據 CME 集團的 FedWatch 工具，交易員普遍預計美聯儲下週將維持利率不變。</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，美國市場並未完全預期美聯儲在今年年底前甚至降息 25 個基點，這與 2 月底市場仍在考慮 2.5 次降息的情況相比，發生了顯著變化，Commerzbank AG 的外匯和商品研究負責人 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>“這就是黃金價格承壓的主要原因。”</p>
</div><h2>Aluminium falls from highs</h2>
<div class="lb-trans"><h2>鋁價從高位回落</h2>
</div><p>The base metals index remains largely affected by the geopolitical uncertainty in the Middle East.</p>
<div class="lb-trans"><p>基本金屬指數在很大程度上受到中東地緣政治不確定性的影響。</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>鋁市場繼續受到伊朗衝突引發的供應擔憂的影響。</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>本週，從 LME 倉庫提取鋁的請求激增至自 2024 年春季以來的最高水平。</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>這些請求大多數針對馬來西亞的倉庫，表明亞洲市場的供應情況特別緊張，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>報告還顯示，一家大型礦業公司已大幅提高日本鋁採購商的溢價，達到了十多年來的最高水平。</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，由於中國是全球最大的鋁生產國，生產商可能會在短期內增加出口——尤其是因為價格更具吸引力——並可能提供緩解，” 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，由於美元走強，倫敦金屬交易所的三個月鋁合約下跌。</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>美元走強使以美元計價的商品對海外買家變得更加昂貴，從而限制了需求。</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>在撰寫本文時，LME 上的鋁合約價格為每噸 3484.45 美元，下跌 1%。銅合約價格下跌 0.5%，報每噸 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>商品綜述：美國對俄羅斯石油的豁免後布倫特原油跌破 100 美元；黃金下滑的文章首次出現在 Invezz 上。</p>
</div>

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

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白銀信託 ETF - iShares

實物白銀股票 ETF - ETFS

美國油氣勘探與生產 ETF - iShares

金礦股 ETF - VanEck Vectors

2 倍做多金礦指數 ETF - Direxion

黃金勘探商 ETF - GlobalX

油氣服務 ETF - Market Vectors

黃金 ETF - iShares

德銀貴金屬基金 - PowerShares

標普全球能源股指數 ETF - iShares

初級黃金礦股 ETF

Roundhill Gold Miners Weeklypay ETF

油氣開採 ETF - SPDR

2 倍做多小型金礦指數 ETF - Direxion

黃金礦 ETF - Sprott

2 倍做多黃金 ETF - ProShares

美國布倫特原油期貨基金

華夏黃金ETF

貴金屬股 ETF -ETFS

Sprott Active Gold & Silver Miners ETF

商品綜述：由於美國對俄羅斯石油的豁免，布倫特原油價格跌破 100 美元；黃金價格下跌