Mumbai, May 5 -- 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%.

Brent crude oil prices surged 5.8% to settle at $114.44 per barrel after the UAE reported its first attack by Iran since the early April ceasefire. The strikes followed President Trump's push to reopen the Strait of Hormuz, which Iran has closed, trapping tankers in the Persian Gulf and driving prices up from $70 pre-war levels.

Trump announced Sunday that U.S. forces would guide ships...