GLOBAL ECONOMY — BlackRock chief executive officer Larry Fink warned that oil prices reaching $150 per barrel would trigger a global recession. "If the price of oil hits $150 a barrel it will trigger a global recession," Fink said.

Fink said that if the conflict is not settled and Iran is not accepted by the international community, oil prices could remain above $100 per barrel, approaching $150 per barrel, and could result in a recession. He said that if the Middle East conflict is settled and Iran is accepted again by the international community, the price of oil could return to below pre-war levels.

The conflict in the Middle East has triggered large fluctuations in financial markets. "Rising energy prices is a very regressive tax. It affects the poor more than the wealthy," he said.

Fink said that countries need to be pragmatic about their energy mix by using all sources available and that providing cheap energy is key to driving growth and raising living standards.

BlackRock controls assets worth $14 trillion and is one of the biggest investors in many of the world's largest companies. Fink is one of the eight co-founders of BlackRock, which started in 1988.