来源：国际金融报 相比之下，跟踪黄金、白银等大宗商品的基金赚得盆满钵满。全市场唯一一只跟踪白银期货的基金2025 年全年涨幅超过130%，多只黄金QDII-FOF基金全年涨幅超过60%，多只黄金ETF(交易型开放式指数基 金)全年涨幅超过50%。有色金属相关基金涨超15%，豆粕期货基金也收获正收益。 近期，海外事件频扰，国际油价成焦点。与屡创新高的金银不同，油价持续阴跌，迟迟未见像样反弹， 原油相关基金因而表现平平。 Wind数据显示，2025年大宗商品基金表现分化：国投瑞银白银LOF以超130%涨幅领跑，多只黄金基金 涨逾50%，有色金属相关基金涨超15%，豆粕期货基金也收获正收益。然而，多只原油基金却亏损超 5%。 原油基金承压 过去一年，黄金、白银价格频创新高，国际油价却持续承压。 Wind数据显示，2025年布伦特原油价格主要在50美元/桶至80美元/桶区间震荡，截至1月6日，最新价格 为63.12美元/桶。 国内普通投资者想参与原油市场投资，最便捷、低门槛的方式是投资公募原油主题基金，这类主题基金 主要是QDII(合格境内机构投资者)基金，有些还以LOF(上市型开放式基金)形式运作，可在场内进行交 ...

黄金、白银基金已轮番大涨，什么时候轮到原油基金？ 近期，海外事件频扰，国际油价成焦点。与屡创新高的金银不同，油价持续阴跌，迟迟未见像样反弹， 原油相关基金因而表现平平。 Wind数据显示，2025年大宗商品基金表现分化：国投瑞银白银LOF以超130%涨幅领跑，多只黄金基金 涨逾50%，有色金属相关基金涨超15%，豆粕期货基金也收获正收益。然而，多只原油基金却亏损超 5%。 原油基金承压 过去一年，黄金、白银价格频创新高，国际油价却持续承压。 Wind数据显示，2025年布伦特原油价格主要在50美元/桶至80美元/桶区间震荡，截至1月6日，最新价格 为63.12美元/桶。 | 原油现货(英国, 布伦特Dtd) | | | W00074SPT | | | --- | --- | --- | --- | --- | | 63.12 | | | +1.81 +2.95% | | | CNY | | | 1 . . + | | | 第一 | | | | | | 家 | | | | | | 总量 | 0 | 现手 | | 0 | | 结算价 | | 开盘 | | 63.12 | | 损高 | 63.12 | 慢低 | | ...

Core Viewpoint - The escalation of the Iran-Israel conflict has led to a significant increase in international oil prices, with domestic oil funds experiencing a surge in trading volume and premiums [2][3][6]. Oil Price Movement - Following military conflicts between Iran and Israel, international oil prices have seen a notable rise, with WTI crude oil futures opening at $78 per barrel, up 5.6%, and Brent crude oil futures opening at $81.4 per barrel, up 5.7% on June 23 [3][10]. - Year-to-date, WTI and Brent crude oil futures have increased nearly 8% from their initial prices, reaching highs of $75.74 and $78.5 per barrel, respectively [3][11]. Fund Performance - Domestic oil funds, such as the Jiashi Oil LOF and Southern Oil LOF, have seen significant price increases, with Jiashi Oil reaching a limit-up on June 23 [6][9]. - As of June 23, Jiashi Oil LOF had a real-time premium of nearly 18%, with a transaction volume of 1.386 billion yuan, while Southern Oil LOF had a premium exceeding 7% and a transaction volume of nearly 800 million yuan [9]. Market Sentiment and Analysis - Analysts suggest that the current situation is characterized by high war premiums due to the escalating conflict, combined with a traditional demand peak for oil [6][10]. - The market anticipates that oil prices may face downward pressure in the second half of the year due to potential oversupply risks from OPEC+ production increases and a decrease in oil demand expectations [2][11]. Geopolitical Factors - The potential closure of the Strait of Hormuz, a critical passage for global oil trade, could lead to sustained upward pressure on oil prices, with estimates suggesting prices could soar to around $130 per barrel if the strait is blocked [10][11]. - The ongoing geopolitical tensions and their impact on oil supply dynamics are crucial for future price movements, with the market closely monitoring Iran's actions and OPEC's production strategies [10][11].