Market Open: US-Iran tensions drag down equities, hike oil and gold; Aussie reporting continues | Feb 20

Company Updates - Rio Tinto (ASX: RIO) has committed to a "stronger, sharper, simpler" strategy focusing on iron ore, copper, and industrial metals after abandoning talks with Glencore [5] - Telstra (ASX: TLS) reported a 9.4% increase in net profits to $1.1 billion but cautioned that overinvestment in AI could be "risky" [5] - APA Group (ASX: APA) CEO Adam Watson defended the company's $480 million East Coast pipeline commitments, stating that government actions are crucial for the project's success [5] - QBE (ASX: QBE) has reported a 20% increase in profits [6] Market Trends - The ASX is experiencing a decline of -0.33% as global equities soften, influenced by rising tensions between the U.S. and Iran [1] - ASX futures are closely following Wall Street trends, with the S&P 500 and Nasdaq both down -0.3% [2] - Iron ore prices have decreased by -0.4%, now selling at $95.35 per tonne [7] - Brent Crude has increased by +1.5%, priced at $71.29 per barrel, while gold is up to $5,011 per ounce [7]