Wall Street drops from its records and oil prices jump after fighting flares in the Middle East

"The S&P 500 sank 0.4%, coming off its latest all-time high. The Dow Jones Industrial Average was down 561 points, or 1.1%, with an hour remaining in trading, and the Nasdaq composite was 0.2% lower."

"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."

"Even with all the uncertainty about how long the war with Iran will last, the U.S. stock market has managed to power to record after record. Hope is still high on Wall Street that the global economy can avoid a worst-case scenario because of the war."

The U.S. stock market experienced a decline, with the S&P 500 down 0.4% and the Dow Jones Industrial Average falling 561 points. In contrast, oil prices surged, with Brent crude rising 5.8% to $114.44 following attacks by Iran on the United Arab Emirates. The situation in the Strait of Hormuz remains tense, impacting oil supply. Despite the uncertainty from the ongoing conflict, the U.S. stock market has reached record highs, driven by strong corporate profit growth across various sectors.

Read at ABC7 Los Angeles