Middle East tensions rattle markets as Brent crude nears $110

Fears that the US-Iran conflict could widen dampened risk appetite in global markets, while December Brent crude approached $110 a barrel.

Renewed tensions in the Middle East weighed on global markets on Oct. 20. Reports that the United States had struck a naval base in Iran overshadowed expectations that the two countries could reach a deal through mediators and heightened concerns over energy supplies.

December Brent crude approached $110 a barrel. Yemen's Houthis also claimed to have attacked six areas in Saudi Arabia with ballistic missiles, cruise missiles and drones over the previous 48 hours. Analysts say rising oil prices are fueling global inflation worries, keeping markets on edge ahead of major company earnings this week.

Pumpjacks working in an oil field

Expectations of more Russian oil supply after US President Donald Trump exempted Russia from some sanctions and tariffs were outweighed by attacks in the Middle East that kept supply fears alive. In Istanbul, the BIST 100 index closed the previous session down 291.58 points and opened Oct. 20 up 0.38% at 11,473.82.