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US-Iran Tensions Escalate | Crude Oil Prices Surge

Published September 16, 2019

  • WTI oil prices spiked on Monday and were trading at $60.50 a barrel, up by 10.37 percent after an attack on Saudi Arabian oil facilities over the weekend which halved the kingdom’s production. President Donald Trump said that the US was “locked and loaded” for a potential response to the attack. Trump also authorized the use of the US emergency oil stockpile to ensure stable supplies after the attack, which stifled 5 percent of the world’s production.
  • The Canadian dollar has strengthened, trading at 1.3240 against the greenback at time of writing. These recent gains were was mainly driven by the overnight jump in oil prices; the attack on Saudi Arabia’s key oil facilities has significantly raised tension in the Middle East.
  • US Secretary of State, Mike Pompeo, has accused Iran of being responsible for attacks on Saudi oil plants. Iran denies responsibility for the attacks and dismissed the US allegations as unacceptable and baseless.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.