U.S. indexes jumped up and down in a volatile session after U.S. President Joe Biden announced he would ban oil and energy imports from Russia.

Britain also said it would stop importing Russian oil and other energy products by the end of the year, Reuters reported.

Oil prices have soared above $130 a barrel for the international benchmark Brent, and gasoline prices at U.S. gas stations are at record highs above $4 nationwide. Gas prices are as high as $6 a barrel in some places and still rising.

Biden has promised U.S. voters that he will try to deal with rising prices that are squeezing household budgets.

The U.S. and its allies have agreed to release a total of 60 million barrels from strategic oil reserves, half of which will come from the country’s Strategic Petroleum Reserve. But rising gasoline prices could make it harder to fulfill Biden’s clean energy promise, at least in the near term.

The stock market has been riding a roller coaster this year amid the escalating crisis in Ukraine caused by Russia’s special operation. Since late February, a growing list of Western companies have stopped doing business in Russia, including McDonald’s (NYSE:MCD) and Coca-Cola.

Here are 3 events that could affect the market on Wednesday:

1.New Apple gadgets

Apple Inc announced on Tuesday a new version of the iPhone SE with the latest mobile processor and 5G support, and it’s likely to still be talked about this week. The tech giant said the latest entry-level version of its iPhone will include “the strongest glass on a smartphone” and will be priced from $429, with pre-orders starting Friday, March 18. The new SE will also have the advanced features of Apple’s latest version of its A15 bionic chip.

2. Ban on oil imports from Russia

 The unilateral U.S. move to ban Russian oil imports complements a series of global sanctions already imposed against Moscow for its special operation in Ukraine. European allies may be too dependent on Russia, especially for its natural gas, to take such action. Biden acknowledged that European allies may not yet be in a position to join the U.S. in taking such an additional step to put pressure on Russian President Vladimir Putin. But stay tuned for more news from the EU.

3.Google’s cybersecurity agreement

The deal Tuesday by Alphabet Inc Class C, owner of Google, to acquire cybersecurity company Mandiant for about $5.4 billion should not be overlooked, which could spur a chain of similar deals. Google will pay $23 per Mandiant share to protect itself from risks faced by customers of its Google Cloud service. Mandiant will join Google Cloud once the deal is finalized.