U.S. stocks eased Wednesday as oil prices rose, renewing inflation fears.

The Dow Jones Industrial Average dropped about 410 points, or 1.2%. The S&P 500 declined 1%. The Nasdaq Composite dipped 0.9%.

Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

Oil prices ticked higher on the day, with international oil benchmark Brent crude advancing nearly 5% to top $120 per barrel. U.S. crude gained around 4% to more than $114 per barrel.

The 10-year U.S. Treasury yield surpassed 2.41% at its session high Wednesday, the highest since May 2019. The benchmark rate has surged since the beginning of the week, when Federal Reserve Chairman Jerome Powell vowed to be aggressive on inflation. The Fed last week raised interest rates for the first time since 2018.

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