Dear Saso,

Thank you for choosing Mearto and for providing meaningful information and new images for this appraisal. Considering these photos, this item is:

A painting made in oil or acrylic paint on canvas (26" x 20"). The painting depicts a man with a medieval helmet, a spear and a shield with the Star of David as a clear symbol of judaism. The painting is signed with the name Charbel. 
Sadly no additional information for an artist with this name fitting in style and motif is given by reference books and databases (perhaps it is an alias).

This piece is in good condition and there is no serious damage visible in the images provided. A fair market estimation would be between 20 to 60 USD.

This estimate is based on actual recent past recorded auction sales of comparable items. Retail "asking prices" can be higher and may vary.