European markets head for mixed open as Ukraine-Russia conflict continues

LONDON — European stocks are expected to open in mixed territory as the geopolitical crisis between Russia and Ukraine continues.

The U.K.'s FTSE index is seen 25 points higher at 7,483, Germany's DAX is seen 47 points lower at 13,857 and France's CAC 40 down 10 points at 6,386, according to data from IG.

The mixed open expected in Europe comes after similar trade in Asia-Pacific markets overnight, with shares in the region dented by concerns over the ongoing Russia-Ukraine conflict.

The war between the neighboring countries in Europe is leading to a surge in oil prices with international benchmark Brent crude futures up 4.43% to $109.62 per barrel. U.S. crude futures also saw big gains, rising 4.48% to $108.04 per barrel. Brent briefly climbed as high as $111.09 per barrel earlier, its highest in more than 7 years.

That's despite the the International Energy Agency saying Tuesday it will release 60 million barrels of oil from global reserves, in a bid to ease the current supply constraint.

European stocks closed firmly lower on Tuesday as a significant Russian military convoy headed toward Ukraine's capital Kyiv. A Russian airstrike hit Kyiv's main television tower on Monday afternoon, killing five people. Meanwhile, Russian forces continue to attack Kharkiv, Ukraine's second-largest city.

Earnings in Europe come from Atos and Signify with data releases including the euro zone's inflation rate in February and Germany's latest unemployment figures for February.

— CNBC's Eustance Huang contributed to this market report.