Investing.com -- The International Energy Agency said it has additional emergency oil reserves that can be released if necessary, following last week's record deployment of strategic stockpiles.

IEA Executive Director Fatih Birol said in a televised statement that the agency's recent action had a calming effect on markets. However, he noted that the stock release can provide a buffer for now but is not a lasting solution.

Birol emphasized that the single most important factor for oil and gas would be the reopening of the Strait of Hormuz, which has been disrupted by the war in the Middle East. He added that additional barrels are flowing in Asian markets, which are most reliant on flows from the Middle East.

Last week, the IEA said that the oil market is experiencing the biggest supply disruption in history as a result of the war.