(Reuters) – BlackRock CEO Larry Fink said oil prices could reach $150 a barrel and cause a “global recession” if Iran “remains a threat” even after the war ends.
“If there is a cessation of war, and yet Iran remains a threat, a threat to trade, a threat to the Strait of Hormuz, a threat to this peaceful coexistence of the GCC region, then I would argue that we could have years of above $100 closer to $150 oil which has profound implications in the economy,” Fink told BBC’s Big Boss Interview podcast published on Wednesday.
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“We will have global recession,” he said, when asked if oil stays at $150 a barrel.
Oil prices have remained volatile and risen sharply since the U.S.-Israeli war on Iran began. However, prices sank about 4% on Wednesday after reports the U.S. had sent Iran a 15-point proposal aimed at ending the war, raising prospects of a ceasefire.
The war has all but halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about one-fifth of the world’s gas and crude supply, causing what the International Energy Agency has called the biggest-ever oil supply disruption.
Reporting by Anusha Shah in Bengaluru; Editing by Sonia Cheema and Arun Koyyur
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