BlackRock CEO Larry Fink said oil prices might hit $150 per barrel and trigger a “global recession” if Iran “remains a threat” even after the conflict is over.”
I would argue that we could have years of above $100, closer to $150, oil, which has profound implications in the economy if there is a cessation of war and yet Iran remains a threat, a threat to trade, a threat to the Strait of Hormuz, and a threat to this peaceful coexistence of the GCC region,” Fink stated on the BBC’s Big Boss Interview podcast on Wednesday.
He stated, “We will have a global recession,” in response to the question of whether oil prices would remain at $150 per barrel.
Since the start of the U.S.-Israeli assault on Iran, oil prices have remained unstable and increased significantly.
However, following news that the United States had delivered Iran a 15-point proposal to stop the war and increase the likelihood of a truce, prices fell by almost 4% on Wednesday.
Oil and liquefied natural gas shipments via the Strait of Hormuz, which normally transports over one-fifth of the world’s gas and petroleum supply, have all but stopped due to the war, resulting in what the International Energy Agency has described as the largest oil supply disruption in history.
