The Government's setting up a Ministerial Oversight Group on economic security to focus on fuel and supply chains.

The Middle East conflict's forced crude oil over $100 USD a barrel, and made New Zealand's sharemarket plunge, 3.27 percent down so far.

Finance Minister Nicola Willis says the group will be briefed by MBIE weekly and have input from Treasury, the Reserve Bank, MFAT and others. 

Newstalk ZB senior political correspondent Barry Soper says the Government's acknowledged the Middle East crisis will be tough on everyone, but New Zealand can stay in good shape.

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