(Reuters) – U.S. stock futures fell on Thursday amid concerns about higher inflation from surging commodity prices. Investors remained on edge while the focus shifted towards Jerome Powell, Federal Reserve Chair.

As supply issues caused oil prices to surge towards $120/barrel, the United States struck Russia’s refining sector and imposed new export controls. It was also the latest crackdown by Moscow in response to its invasion of Ukraine.[GLOB/MKTS]

Russian Foreign Minister Sergei Lavrov stated that he believes some foreign leaders are preparing to war against Russia, and that Moscow will continue its military operations in Ukraine till “the end”.

Premarket trading saw Schlumberger, an oilfield services company (NYSE:), rise 1.2%. This led to higher energy stocks. The energy sector has climbed 30.7% so far this year, the highest among all the major S&P sectors.

Citigroup (NYSE: ) U.S. equity was upgraded to “overweight” because it perceives a demand for rate-sensitive stocks after the Ukraine crisis.

Tesla (NASDAQ.) Inc fell 0.8% making it the largest decliner of the mega-cap growth companies.

Citigroup was down 0.9%, after KBW downgraded it to “market Perform”.

At 6:37 AM. ET were down 21 point, or 0.6%. They were also down 5 point, or 0.0.11%. And they were down 33.5points, or0.24%.

Wall Street’s key indexes rose strongly on Wednesday, after Powell stated that he will support a quarter point rate hike when the Fed meets March 15, 16 and quells fears that the U.S. central banks would tighten its policy.

Later in the day, he will be testifying before the Senate Banking Committee. There are many economic data due at the Senate Banking Committee, including the ISM Non-Manufacturing PMI at 10:00 ET.

American Eagle Outfitters Inc fell 7.2% following a forecast by the apparel company that it would see a decrease in earnings during the first half 2022 due to rising freight costs and diminishing federal stimulus benefits.