STRAIT OF HORMUZ — BlackRock CEO Larry Fink warned that oil prices reaching $150 per barrel would trigger a recession in a podcast interview. The investment firm executive outlined two extreme scenarios for oil markets.

"If oil hits $150 a barrel, there will be a stark and steep recession," Fink said on the BBC's "Big Boss Interview" podcast. "The $40 oil implication is one of abundance and growth. The other one is an outcome of probably a stark and steep recession."

The United States and Israel launched airstrikes on Iran over three weeks ago. Iran has responded with strikes on Israel, Gulf states, United States military bases, and cargo vessels passing through the Strait of Hormuz. Traffic through the strait has dropped since the start of those strikes.

The Strait of Hormuz transits 20% of the world's oil and LNG supply. Oil prices have spiked by as much as 60% since the start of the war in Iran. Oil prices have jumped on escalations in the conflict and fallen when prospects for a diplomatic solution improved.

"Rising energy prices are a very regressive tax. It affects the poor more than the wealthy, because it's a larger component of their pocketbook," he said.

Fink said countries should use the oil and gas they have and aggressively develop alternative energy sources such as solar. He said the US needs to fully embrace solar energy. In his 2022 letter to CEOs, Fink wrote that the next 1,000 unicorns would be companies making the energy transition affordable for all consumers.

The US has not meaningfully imported crude or petroleum from Iran since 1979, according to the Energy Information Administration. Iran supplied 3% of global oil output before the start of the Iran war. China increased its purchases of Iranian oil by 16% in January and February 2026.

On the previous Friday, the International Energy Agency outlined measures that governments, businesses, and households could take to mitigate the impact of oil market disruptions, including working from home and avoiding air travel. Oil prices rose from $55 to $67 per barrel before the Iran bombings in 2026.