Wall Street tumbles after oil prices touch $130 per barrel

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks are tumbling on Wall Street Monday as another big leap for oil prices threatens to squeeze inflation’s grip on the global economy. The S&P 500 fell 2.7% after a barrel of U.S. oil surged to $130 overnight on the possibility the U.S. could bar imports from Russia. Stocks around the world slid even more sharply earlier in the day, also taking their cue from oil’s movements, though their losses moderated as crude receded toward $120 per barrel. Gold and a measure of nervousness on Wall Street were also higher, though not by quite as much as when oil prices hit their peak.