Larry Fink, chairman and chief executive of BlackRock, has warned that the global economy could face a severe recession if international oil prices rise to 150 dollars per barrel. Speaking to the BBC on Wednesday, he said that a prolonged war involving Iran could drive oil prices higher and have far-reaching effects on the world economy. The ongoing Middle East conflict has already caused significant volatility in financial markets as people try to anticipate future energy costs.

Fink stated that the fate of the global economy now depends on Iran’s role in the conflict. He outlined two possible scenarios: if the war ends and Iran is reintegrated into the international community, oil prices could stabilize or even fall below pre-war levels; but if the conflict continues, prices could remain between 100 and 150 dollars per barrel for years, triggering a deep global downturn. He urged nations to use their resources efficiently and accelerate the search for alternative energy sources.

BlackRock manages about 14 trillion dollars in assets and is considered one of the world’s largest investment firms.