India is keeping a close watch on the developing US-Iran geo-political tensions and its consequential impact on the oil prices, Petroleum Minister Dharmendra Pradhan said on Wednesday.

India as a major consumer of crude oil is keeping a tab on the situation which has developed as the US-Iran crisis deepened on Wednesday, said Pradhan.

Answering a question during a Cabinet briefing here, the minister said that while the government is keeping a close watch on the developing situation, it is also preparing itself to face any eventualities arising out of the crisis.