About this episode

Larry Fink discusses the potential global recession due to rising oil prices linked to the Iranian conflict and the implications for energy and trade.

Larry Fink, is Chairman and CEO of BlackRock - the world’s largest asset manager, overseeing more than $14 trillion in investments on behalf of governments, pension funds and individual investors globally. He tells BBC Business Editor Simon Jack that oil prices could remain above $100 a barrel for years — and rise to $150 — if the Iranian conflict is not resolved, a scenario he says would trigger a “stark and steep recession”. Higher energy costs would ripple through agriculture, fertiliser, and global supply chains, acting as a regressive tax that disproportionately affects the poorest. Fink calls for “energy pragmatism”, arguing countries should use all available energy sources — from oil and gas to renewables and nuclear — to build resilience. He highlights Europe’s fragmented power systems as a structural weakness, particularly as energy demand rises with the expansion of AI infrastructure. On trade, Fink says globalisation is being recalibrated rather than reversed. Post-war trading systems that favoured certain economies are shifting towards greater symmetry, though he acknowledges tariffs are inflationary. He dismisses comparisons to the 2008 financial crisis, arguing the…

People in this episode

Host: Simon Jack

Guest: Larry Fink

Topics covered

• global recession
• energy prices
• Iran conflict
• globalisation
• artificial intelligence
• infrastructure investment

Keywords

• BlackRock
• oil prices
• recession
• energy pragmatism
• global supply chains
• artificial intelligence
• infrastructure
• globalisation

Mentioned in this episode

Organizations: BlackRock, BBC, AI

Places: Iran, Europe, United States

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