Larry Fink: Oil prices at $150 could trigger global recession

A rise in oil prices to $150 per barrel could trigger a deep global recession, BlackRock CEO Larry Fink said in an interview with the BBC, according to Report.

Fink warned that the fate of the global economy now largely depends on Iran's role in the Middle East conflict.

He outlined two possible scenarios: one in which oil prices stabilize and return to pre-crisis levels, and another in which prices remain between $100 and $150 per barrel for years, acting as a "regressive tax" that would hit lower-income populations harder than the wealthy.

"Rising energy costs are a very regressive tax. They hit the poor harder than the rich," Fink said.

The BlackRock chief emphasized that amid growing instability, countries need to use their resources as efficiently as possible while aggressively transitioning to alternative energy sources.

Fink also noted that a prolonged period of extremely high oil prices could force the global community to accelerate the shift to solar and wind power over the next three to four years.