NEW YORK (AP) — Stocks fell sharply on Wall Street Monday after another big leap for oil prices threatened to squeeze inflation’s grip on the global economy.

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The S&P 500 fell 3%, its biggest drop in 16 months, after a barrel of U.S. crude surged to nearly $120 on the possibility that Washington could bar imports from Russia. Overseas markets also fell, taking their cue from oil’s movements.

Oil prices had gone as high as $130 a barrel. Gold and a measure of nervousness on Wall Street also rose.

The Dow Jones Industrial Average lost 2.4% and the tech-heavy Nasdaq gave up 3.6%.

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