(Bloomberg) — Oil was steady in Asia — after a jumping back above $100 a barrel — as investors weighed the fallout from Russia’s invasion of Ukraine and China’s rapidly spreading Covid-19 outbreak.

After a decline of two days, West Texas Intermediate futures rose 3.2% Tuesday. Russia announced it would cut off access to Poland, and Bulgaria as the European Union discussed steps to limit oil imports from OPEC+. China is meanwhile sticking to its Covid Zero strategy, and has been virus-testing most of Beijing in preparation for an unprecedented lockdown.

The market has been gripped by a tumultuous period of trading since Russia’s invasion of Ukraine in late February, with the virus resurgence in China adding another source of volatility. Inflation has been exacerbated by the war in Europe, which has driven up prices for everything from fuels to food.

Moscow is making good on a threat to halt natural gas flows to countries that refuse President Vladimir Putin’s new demand to pay for the fuel in rubles. While the EU rejects this in principle, payments are now due. Meanwhile, Germany’s economy minister said it had already cut its reliance on Russian oil enough to make a full embargo “manageable.”

After Tuesday’s close to a bearish contango structure, the global benchmark is still narrowly in backwardation. The global benchmark’s prompt timespread was 38 cents in backwardation — a bullish pattern — compared with as high as $4.64 in early March just after the Russian invasion of Ukraine.

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