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

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.