Concerns about inflation returned to the stock market on Thursday as investors assessed rising prices for fuel and other commodities amid the escalating crisis in Ukraine.

Russia continues to step up its special operation in Ukraine, and the U.S. has added more Russian oligarchs and officials to its sanctions list, threatening to confiscate luxury yachts and other assets of these people and their families. They also imposed a ban on nearly two dozen people from entering the US.

Technology stocks and other growth stocks pressured stock indexes, which moved into negative territory in half an hour of trading before the end of the session. Oil prices jumped to levels not seen in a decade, with international benchmark Brent reaching nearly $120 a barrel.

Russian President Vladimir Putin told French President Emmanuel Macron that Russia will achieve the goals of its military operation, according to Reuters.

U.S. Federal Reserve Chairman Jerome Powell returned to Capitol Hill on Thursday to present his semiannual report to lawmakers for the second day in a row, this time in the Senate. On Wednesday, he told House members he is inclined to raise the interest rate by a quarter-point when the central bank holds its monetary policy meeting later this month.

Here are 3 events that could impact the market on Thursday:

1.Oil prices

WTI crude prices hit their highest level since the 2008 financial crisis as energy prices soared for the third consecutive day due to sanctions against Russia for its special operation in Ukraine.

U.S. West Texas Intermediate crude, or WTI crude futures, hit an intraday high of $116.50. Analysts will be watching to see how much additional sanctions and the possibility of a new agreement that would allow Iran to export its oil back to the market will affect the price in the near term.

2.Rivian U-turn

Earlier this week, electric car maker Rivian Automotive Inc said it was raising prices because its own costs were rising, and it wasn’t happy with those customers on its pre-order list. On Thursday, Rivian repented and reversed its decision.

But shares continued to fall, even after Wednesday’s 13% drop. Analysts will be watching for signs that investors have recovered from that surge.

3. Employment

Friday will see the release of the U.S. government’s employment report, which is expected to show further strengthening of the labor market in February. This is a key indicator the Fed uses when considering whether, and to what extent, to change rates in response to economic conditions. The data will be released at 08:30 am ET (13:30 GMT).

Thursday’s weekly claims report showed that jobless insurance claims fell more than forecast to the lowest level since the beginning of the year.