MOSCOW, September 30. /TASS/. The escalation in the Middle East has already been incorporated into the price of oil, which is why there is no volatility on the oil market now, Russian Prime Minister Alexander Novak said, adding that strong oil price fluctuations are not expected in the future.

"I don’t think that prices will fluctuate much. Those geopolitical risks have already been factored into the price one way or another," he said in an interview with Hadley Gamble on the Al Arabiya TV channel.

"Geopolitics is one of the key factors that influence the price. However, we often see that if geopolitics has a strong influence at some point it is later incorporated by investors, market participants, and fundamentally we don’t observe volatility later. This is nothing new. So I think that the Middle East factor has long been factored into the price by now," Novak explained.

Many factors influence oil prices, not just supply and demand, he added. "Of course, the geopolitical factor always plays on the market as well. And the market obviously responds to the events currently underway in the Middle East in some way," the official said.