Global crude oil prices plunged more than 2%, with Brent crude falling below $100 per barrel and West Texas Intermediate dropping under $90 per barrel, driven by investor profit-taking. West Texas Intermediate for September delivery fell $2.29, or 2.48%, to $89.90 per barrel. Brent crude for September delivery fell $2.90, or 2.88%, to $97.79 per barrel. The decline was also pressured by oil tankers and cargo ships continuing to transit the Strait of Hormuz and the Bab el-Mandeb Strait, albeit in smaller numbers. Data from Kpler indicated that the number of ships passing through the Strait of Hormuz held steady at three per day over the past three days, while 32 commodity-laden vessels transited the Bab el-Mandeb Strait on July 23, up from 26 the previous day. However, oil prices are on track to surge this week, with Brent jumping nearly 10% and WTI climbing almost 8% amid concerns over the Middle East situation after President Donald Trump threatened major military action against Iran and the Houthi group.