[MARKET ANALYSIS] Energy dented by reports that Vance and Rezaei could meet, Dutch TTF outperforms

Newsquawk Staff · 12 Nov 2026, 10:55 UTC

Energy on the back foot amid a WSJ report that US VP Vance could meet with Iran’s Rezaei. However, energy lifted off lows after the IRGC announced that two oil carrying vessels were subject to “explosions” within the Strait of Hormuz, adding to the tally of such incidents from recent sessions.
Following that IRGC update, Brent Jan’27 hit a USD 93.94/bbl peak for the session, modestly firmer at that point but still essentially a dollar away from the Wednesday peak. Since, that move has unwound with focus back on the mediation efforts. As such, Brent is now just below USD 92/bbl, lower by around a dollar on the session.
Dutch TTF bid, as the US envoys’ meeting with Russian President Putin approaches, and the commentary from Russia is not constructive/favourable with respect to Europe. Additionally, the Starshield system Ukraine relies on has seemingly had its speed curbed once again, a particularly notable intervention given the US-Russia meeting today. Further, the region’s weather models have turned colder again and the mild turn some showed on Wednesday has now largely been removed.
Dutch TTF above EUR 90/MWh at best, firmer by over three Euros on the day.
Spot gold hit by the ongoing USD strength and fixed income serving as the ‘haven’ amid the ongoing Nvidia/NQ pressure. XAU failed to hold the USD 4k/oz mark early on, and has since been gradually falling with the European risk tone constructive and while there remains clear US pressure, it is concentrated and not to the benefit of the precious metal.
Base peers in the red, hit by the APAC pressure as the Nvidia board meeting began, with the potential loss of Huang a blow to the entire AI ecosystem. 3M LME Copper is off by over a percent, holding just below USD 13.7k.

What our morning note said

EU Market Open, 12 Nov, 07:46 UTC · what it led with

US VP Vance is considering a face-to-face with a top Iranian official, WSJ reported; weighing modestly on the energy space.
APAC sentiment was choppy, but ultimately pressured, with further reporting around the Nvidia CEO hitting tech.

Read the whole note Free to read.

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Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.
EUR/USD+0.1%
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EUR/USD−0.1%
ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.
EUR/USD+0.1%

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