Russian Deputy Prime Minister Alexander Novak said on Thursday that the current oil price factored in the Middle East conflict and showed that the risk from it was not that high.

“Today’s prices that are developing on world oil markets are an objective assessment of risks, including the ones we see in the conflict that is developing in the Middle East,” he told an energy conference in Moscow.

“If prices go higher, it means the risks are higher. So for now, probably, the risks are not strong, and that’s how the market evaluates them,” he said.
Source: Reuters (Reporting by Vladimir Soldatkin and Olesya Astakhova; Editing by Mark Trevelyan)