New Delhi, March 27 -- The Union Government has set up an Inter-Ministerial Group, headed by Defence Minister Rajnath Singh, to monitor issues arising from the Middle East conflict.

Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and Petroleum Minister Hardeep Singh Puri are among the members, along with other ministers, who are part of the group.

The development comes as India, like much of the world, is reeling from the impact of the ongoing conflict in West Asia.

The Iranian blockade of the Strait of Hormuz, a key shipment route for the global oil trade, has resulted in a spike in petroleum and gas prices around the world.

Amid growing concerns, the Ministry of Petroleum and Natural Gas, in an official statement on Th...