Stock markets shudder worldwide after oil prices spike to nearly $120 per barrel

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The S&P 500 fell 1%, coming off its worst week since October. The Dow Jones Industrial Average was down 576 points, or 1.2%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower. That followed even worse losses in European and Asian stock markets. Since the war with Iran began with attacks by the United States and Israel, the central worry for financial markets has been how high oil prices will go because of it and how long they will stay there. Early Monday, the price for a barrel of Brent crude, the international standard, briefly touched…

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