The U.S. stock market fell from its record heights Monday, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran.
The S&P 500 sank 0.4%, coming off its latest all-time high. The Dow Jones Industrial Average dropped 557 points, or 1.1%, and the Nasdaq composite slipped 0.2%.
The action was stronger in the oil market, where the price for a barrel of Brent crude leaped 5.8% to settle at $114.44. It jolted higher after the United Arab Emirates, a U.S. ally, said it came under attack by Iran for the first time since the ceasefire took hold in early April. The attacks appeared to be in response to Donald Trump’s latest efforts to reopen the Strait of Hormuz.