石油:脆弱的停火协议使供应风险保持高位 – 富国银行
富国银行国际经济团队指出,中东地区脆弱的停火使油市风险升高,对前景的信心较低。

富国银行国际经济团队指出,中东地区脆弱的停火使油市风险升高,且对前景的信心较低。他们仍假设活跃冲突将在2026年中期结束,并预计油价将在2026年下半年走低,但强调大规模潜在的供应中断和缓慢的正常化可能使价格和波动性高于市场预期。

停火未能解决油市风险

“宣布的停火看起来脆弱,令中东风险持续升高。”

“我们仍假设活跃冲突将在年中结束,油价将在2026年下半年走低,但在持续的地缘政治压力下,对前景的信心依然较低。”

“这是一个大规模且恶化的供应冲击。”

“国际能源署(IEA)估计潜在的石油供应中断接近1000万桶/日,约占全球供应的10%,且情况在4月进一步恶化。”

“停火不等于正常化。霍尔木兹海峡的航运和能源生产将缓慢恢复,甚至可能无法恢复,除非实现持久和平。”

(本文借助人工智能工具生成,并由编辑审核。)

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