European markets are set to climb on Wednesday as investors continue to monitor surging commodities prices and the ongoing war in Ukraine.

Britain’s FTSE 100 is seen around 80 points higher at 7,044, Germany’s DAX is set to gain around 224 points to 13,056 and France’s CAC 40 is expected to add around 118 points to 6,081, according to IG data.

Stocks across Europe fluctuated on Tuesday before closing slightly lower, as U.S. President Joe Biden announced that the U.S. will ban imports of Russian oil, marking a major escalation in the international response to Moscow’s invasion of Ukraine.

The move risks exacerbating existing price surges on supply concerns and expectations of stronger growth, and crude oil prices bounced once again following Biden’s announcement. International benchmark Brent crude was up above $130 per barrel early on Wednesday morning in Europe, while U.S. crude hovered above $125 per barrel.

Shares in Asia-Pacific were mixed on Wednesday, with Hong Kong’s Hang Seng index leading losses among major indexes.

U.S. stock futures pointed to a higher open on Wall Street later in the day after another choppy trading session on Tuesday saw all major averages close deeper into correction territory.

European investors are also looking ahead to the European Central Bank’s monetary policy meeting on Thursday for signals as to how policymakers are approaching inflation and the fresh challenges posed by the conflict in Ukraine.

Corporate earnings continue to roll in across Europe, with Vivendi, Adidas, Continental, Deutsche Post, L&G and Prudential among the big names reporting on Wednesday.