As Saudi Arabia pushes back against international pressure that it played a role in the disappearance of a prominent journalist, analysts are warning there could be fallout for global oil markets.

Relations between the kingdom and the some parts of the international community have deteriorated rapidly after Jamal Khashoggi, a journalist who resided in the U.S., disappeared early this month after visiting the Saudi consulate in Istanbul.

Turkey reportedly believes the Washington Post journalist and critic of the Saudi administration was deliberately killed inside the building and his body removed. Riyadh has dismissed the claims.

The stock market in Saudi Arabia plunged on Sunday, and analysts believe oil could be the next to be affected.

Robert Carnell, chief economist head of research at ING, said the incident "opens a new source of risk."

"Any Saudi retaliation will presumably mainly come through reduced oil supply and higher prices. That won't help market sentiment," he wrote in a note on Monday.