Here's a look at how things are playing out at the open:Eurostoxx -0.2%Germany DAX -0.2%France CAC 40 -0.3%UK FTSE -0.1%Spain IBEX -0.4%Italy FTSE MIB -0.4%What is driving stocks at the open today?Oil prices and geopolitics remain the main drag from a macro perspective. Brent crude is pushing to $98.70 while WTI crude is rising back above $94 today amid continued tensions between the US and Iran.And higher energy prices are pretty much just reinforcing inflation concerns, as markets prepare for Thursday's ECB decision - where a 25 bps rate hike is widely expected.Higher bond yields are also a key consideration, with 10-year yields in Germany keeping at around 3.38% - around its highest levels since 2011.Looking over to the other side, US futures are also reflecting a more cautious mood with S&P 500 futures down 0.2% and Dow futures down 0.6%. Tech shares are somewhat holding up, with Nasdaq futures seen just a touch higher by 0.1%.Wall Street will return to action today after the long weekend, continuing from the strong US payrolls on Friday - which served to reinforce expectations that the Fed could hike rates again this month.Overall, there is no major panic selling in Europe for the time being. However, a combination of higher oil prices, higher yields, ECB/Fed tightening risks, and continued tensions in the Middle East is keeping buyers defensive. This article was written by Justin Low at investinglive.com.