European markets lower as Ukraine-Russia conflict continues

LONDON — European stocks pulled back on Wednesday as the geopolitical crisis between Russia and Ukraine continues.

The pan-European Stoxx 600 fell 0.9% in early trade, with autos shedding 3.7% to lead losses while basic resources added 1.2%.

The declines in Europe came after mixed 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 5.9% to $111.27 per barrel, their highest in seven years. U.S. crude futures also saw big gains, rising 6.45% to $110.06 per barrel.

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 came 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.