Wall Street suffers biggest slide in more than a year as oil prices surge

• S&P, Dow Jones and Nasdaq see large one-day drops
• Barrel of US oil leaps to $130 overnight amid Ukraine war

Wall Street had its biggest drop in more than a year Monday as another leap for oil prices threatened to squeeze inflation's grip on the global economy.

The S&P 500 fell 3%, its biggest decline in 16 months, after a barrel of US oil surged to $130 overnight on the possibility the US could bar imports from Russia. Stocks around the world also fell earlier in the day, taking their cue from oil's movements, though their losses moderated as crude receded toward $120 per barrel.