European stock markets fell on Wednesday as rising commodity prices stoked inflation worries at a time when crippling sanctions against Russia over its invasion of Ukraine have dented risk appetite.

The pan-European STOXX 600 index had dropped 0.5% by 0811 GMT, entering its third straight session of losses.

Europe's oil & gas index jumped 1.6% due to a near 7% surge in crude prices, with Brent crude soaring past $110 per barrel for the first time since 2014.

Miners gained 1.5% as prices of metals including nickel and aluminium rose, supported by increasing fears of supply disruptions.

Automakers took the biggest hit, falling 3.3%.

Euro zone banks dropped 2.2%, hitting 10-month lows on receding bets of interest rate hikes from the European Central Bank.

Among individual stocks, Ericsson slumped 11.5% after the Swedish telecom gear maker said it had been informed that disclosures it made to the US Department of Justice about an internal investigation into conduct in Iraq were insufficient.