Content Plus: Oil drops and stocks climb amid signs of progress in Russia-Ukraine peace talks.

Russia’s invasion of Ukraine triggered weeks of volatility in the energy market as investors worried that the war and sanctions would cripple the world’s supply of oil.

Oil prices dropped, with the key U.S. benchmark dropping below $100 a barrel, and stock prices jumped as cease-fire talks between Russia and Ukraine showed signs of progress.

Futures for Brent crude, the international standard, fell more than 5 percent to about $106 a barrel, while West Texas Intermediate crude, the U.S. benchmark, fell about the same amount to $99.37.

Russia’s invasion of Ukraine last month triggered weeks of volatility in the energy market, with Brent crude climbing above $130 a barrel at one point as investors worried that the war and sanctions imposed on Russia would cripple the world’s supply of oil.

Even after the recent pullback, oil prices are up more than 7 percent since the invasion began on Feb. 24.

The retreat on Tuesday came after a deputy Russian defense minister said that Russia would reduce military activity near Kyiv and Chernihiv. Vladimir Medinsky, Russia’s chief negotiator, also said Russia was prepared to hold a meeting between President Vladimir V. Putin and President Volodymyr Zelensky of Ukraine once a peace agreement between the countries was ready.

The recent drop in oil prices has also come as China, the world’s largest oil importer, continues to grapple with its biggest coronavirus outbreak since the pandemic began. Shanghai, the country’s financial hub, imposed a two-phase lockdown on Monday and will undergo mass testing. City residents are required to stay home and nonessential businesses will be closed.

The drop in oil prices bolstered stock markets, where investors have been primarily concerned about inflation. The S&P 500 rose 1 percent in early trading, while the Stoxx Europe 600 climbed about 2 percent. Asian markets closed mixed.