The Indian government is ready to take suitable measures to reduce the market volatility and calm the rise in oil prices, said oil minister Rameswar Teli in the Lok Sabha.In a written reply to a question in the country's parliament, he added that the government was closely monitoring global energy markets and any potential energy supply disruptions due to the evolving geopolitical situation between Russia and Ukraine.Whilecrude oil prices dipped below $110 a barrel on Monday on hopes for progress in Russian-Ukraine peace talks, the conflict rages on, underscoring supply worries.That has fanned concerns on already high inflation rising further as supply-driven price pressures has been the bane for the country for several decades now.Oil prices surge will also likely weigh on the country's trade and current accountdeficits.