IEA: Closely monitoring developments in Strait of Hormuz, ready to act if needed

Eren Sengezer FXStreet

The International Energy Agency (IEA) said that they were closely monitoring the developments in the Strait of Hormuz and added that they were standing ready to act if needed, per Reuters.

"The right of free energy transit is critical to the global economy and must be maintained," the IEA said. "Emergency stocks are large enough to cover any disruptions in oil supply from Strait of Hormuz for an extended period."

Crude oil prices continued to erase today's gains on these remarks and the barrel of West Texas Intermediate was trading at $56.05, still up 0.6% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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