Oil futures plummeted more than 3% on Friday after United States President Donald Trump seemingly escalated trade tensions with China, threatening Beijing with a “massive increase” in tariffs over its decision to implement export controls on rare earths. Crude prices were also likely affected by the easing of tensions in the Middle East following the ceasefire agreement reached between Israel and Hamas.Brent for deliveries in December slumped 3.13% to $63.17 per barrel ar 11:21 am ET and West Texas Intermediate (WTI) for settlements in November dropped 3.66% to go for $59.28 per barrel at 11:31 am ET.