MOSCOW, October 12. /TASS/. The reaction of the global oil market on the conflict in the Middle East between Israel and Palestine has been weak so far, which affected the oil price, Russian Deputy Prime Minister Alexander Novak said at the Russian Energy Week.

"It is difficult now to project (how the oil price will behave) as such conflicts affect the market projections, with exchange prices assessing the risks. Today’s prices on the global oil market present an unbiased assessment of the risks that we see as (the conflict) in the Middle East develops. If prices are higher, risks will also be higher. So far, the risks are probably not strong, (they are) not estimated as they could be," he said.

Tensions flared up again in the Middle East when Palestinian militants from the Hamas movement attacked Israeli territory from the Gaza Strip. Hamas described its operation as a response to the actions of the Israeli authorities against the Al-Aqsa Mosque in the Old City of Jerusalem. Israel has declared a state of readiness for war and announced a total blockade of the Gaza Strip. According to the latest official data, almost 1,200 Palestinians have been killed since the renewed outbreak of violence, while around 5,900 have suffered wounds. In Israel, up to 1,500 people have lost their lives and almost 4,000 have been wounded.

TASS acts as an information partner of the Russian Energy Week.