Global Recession If Oil Price Hits $150, Boss of Financial Giant BlackRock Warns | BBC News

Mar 25, 2026 | If the price of oil hits $150 a barrel it will trigger a global recession, the boss of US financial giant BlackRock has told the BBC.

Larry Fink, who leads the world's largest asset manager, said if Iran "remains a threat" and oil prices stay high it will have "profound implications" for the world economy.

In a wide-ranging exclusive interview, he also denied there was an AI bubble, although he said the new technology meant too many people were pursuing university degrees and not enough doing technical training.

BlackRock is a financial colossus, controlling assets worth $14 trillion (£10.5tn), and is one of the biggest investors in many of the world's largest companies.

Gas Prices Continue to Surge in U.S., Rising 14% in a Week

THE NEW YORK TIMES: Soaring oil prices suggest that more increases could be in store for American drivers. Diesel, jet fuel, and other refined products are also becoming much more expensive.

The price of gas in the United States reached an average of $3.41 per gallon on Saturday, a day after crude oil prices soared to levels not seen since 2023 as the spillover from the U.S.-Israeli attacks on Iran continued.

That gain means gasoline has jumped 14 percent in the past week, according to data from the AAA motor club. The prices recorded Saturday were the highest for gasoline since 2024.

The suddenly rising energy costs — everything from jet fuel to diesel for trucks and tractors is more expensive — are rooted in supplies of crude oil coming from the Persian Gulf. The tankers that normally carry oil out of the region are not sailing, cutting the world off from about one-fifth of its oil supply.

That’s led to a surge in oil prices globally. By Friday, the U.S. crude benchmark, called West Texas Intermediate, had climbed more than 35 percent for the week, to settle at $90.90 a barrel, with much of that gain coming on Friday alone. The last time crude was trading at those levels, gasoline in the United States was above $3.80 a gallon, the data from AAA shows. » | Emmett Lindner | Saturday, March 7, 2026

Coronavirus: Economic Fallout Intensifies with Crashing Oil Prices | DW News

The economic consequences of the coronavirus epidemic have sparked a conflict among major oil-producing nations. Last week, oil producers were unable to agree on a reduction in production volumes, resulting in a price war between OPEC and Russia. That has sent oil prices plummeting. The price of oil collapsed by 31.5 percent at the start of trading, the lowest price since January 1991.

As a reaction, stock markets fell sharply this Monday: In Tokyo, the Nikkei Index lost more than 5 percent, while the Hang Seng in Hong Kong fell almost 4 percent. Australia's ASX Index fell particularly hard with a minus of 7.3 percent and in Germany, the DAX tumbled almost 8 percent at the start of trading. The picture around the Gulf is even more dramatic - markets have shed up to around 10% there.

Coronavirus: £130bn Wiped Off FTSE 100 in Minutes

The FTSE 100 has seen more than £163bn wiped from the value of its constituent companies in a renewed coronavirus-linked sell-off.

Global Markets Tank amid Saudi-Russia Oil Price War

A crash in crude oil prices spreads to the stock markets, in what analysts are calling "Black Monday" - with some of the worst drops since the 2008 financial crisis as Saudi Arabia announces production hikes and price cuts amid a dispute with OPEC+ ally Russia. Meanwhile, coronavirus fears also take a major bite out of the global tourism industry as travellers stay home and an increasing number of countries restrict access to major destinations.

Oil Prices Dive as Saudi Arabia Takes Aim at Russian Production

THE NEW YORK TIMES: Russia on Friday rejected an agreement with OPEC on cuts in oil supplies to bolster prices.

Saudi Arabia slashed its export oil prices over the weekend in what is likely to be the start of a price war aimed at Russia but with potentially devastating repercussions for Russia’s ally Venezuela, Saudi Arabia’s enemy Iran and even American oil companies.

The effects were quickly felt, as the Brent global oil benchmark price collapsed by about $11 a barrel, or 25 percent, late Sunday in the sharpest decline since at least 1991, and stock market futures fell by about 3 percent.

The Saudi decision to cut prices by nearly 10 percent on Saturday was a dramatic move in retaliation for Russia’s refusal on Friday to join the Organization of the Petroleum Exporting Countries in a large production cut as the coronavirus continues to slow the global economy and, with it, demand for oil. » | Clifford Krauss and Stanley Reed | Sunday, March 8, 2020

US Killing of Iran's Soleimani Pushes Oil Prices Up, Stocks Down | DW News

News that a US airstrike killed top Iranian general Qassem Soleimani, ratcheting up geopolitical tension in the region, has struck fear across the world's stock market trading floors. Worries over Iranian retaliation against the US and further instability in the crude-rich Middle East have sent oil prices soaring. Soleimani was the head of the elite Quds Force of Iran's Revolutionary Guard. Iran's Supreme Leader Ayatollah Ali Khamenei declared three days of national mourning for the general's death. According to reports, US President Donald Trump ordered the attack. So how can we expect markets to respond to the escalation of tensions in the Middle East?

Richard Wolff: Why Oil & Gas Prices Are Dropping (2014)

Daniel Lacalle | Why the ECB Must Stop QE and Outlook for Oil Prices

'Saudis Playing Dangerous Game As Oil Prices Plunge'

The Russian economy, which is heavily reliant on oil prices, is bearing the brunt of the low oil prices. For more on the falling oil and what it means for the Russian and Saudi economies – RT is joined by Michael Klare, an expert on natural resources, and author of 'Resource Wars, Blood and Oil'

Russia Plans $40 a Barrel Oil for Next Seven Years as Saudi Showdown Intensifies

THE TELEGRAPH: 'We will live in a different reality,' said a top Kremlin official. The message is aimed squarely at Saudi Arabia in a war for market share

Russia is battening down the hatches for a Biblical collapse in oil revenues, warning that crude prices could stay as low as $40 a barrel for another seven years.

Maxim Oreshkin, the deputy finance minister, said the country is drawing up plans based on a price band fluctuating between $40 to $60 as far out as 2022, a scenario that would have devastating implications for Opec.

It would also spell disaster for the North Sea producers, Brazil’s off-shore projects, and heavily indebted Western producers. “We will live in a different reality,” he told a breakfast forum hosted by Russian newspaper Vedomosti.

The cold blast from Moscow came as US crude plunged to $35.56, pummelled by continuing fall-out from the acrimonious Organisaton of Petrol Exporting Countries meeting last week. Record short positions by hedge funds have amplified the effect.

Bank of America said there was now the risk of “full-blown price war” within Opec itself as Saudi Arabia and Iran fight out a bitter strategic rivalry through the oil market. » | Ambrose Evans-Pritchard | Friday, December 11, 2015

How the Price of Oil Is Set – Video Explainer

Global Shares Plunge as Chinese Losses Rattle Markets

BBC: Stock markets in London, Paris and Frankfurt have fallen sharply as fears of a Chinese economic slowdown continue to haunt investors.

London's FTSE 100 index was down by 2.6% in morning trade, while major markets in France and Germany lost nearly 3%.

Shares in Asia were hit overnight, with the Shanghai Composite in China closing down 8.5%, its worst close since 2007.

The Chinese authorities tried in vain to reassure investors.

In addition, oil prices have plunged to six-year lows, as traders worry about slowing growth in the world's second-largest economy. » | Monday, August 24, 2015

Syrian TurmOil: War Panic Sends Black Gold Prices to 2-year High

Washington and London's push for military intervention has taken its toll on the financial world. The threats have spurred oil and gold prices - while investors have rushed to pull their money from stock markets. RT's Katie Pilbeam looks at how the rhetoric has affected the world economy.

Oil Price Could Plunge to $50, Says Credit Suisse
THE DAILY TELEGRAPH: The oil price could almost halve later this year if the crisis in the eurozone escalates, Credit Suisse believes.

“Brent oil prices would again hit $50 (£32) a barrel” in a worst-case scenario, according to analysts Jan Stuart and Stefan Revielle. “Oil demand would deflate sharply following acute crises of confidence.”

The analysts said that all potential negative scenarios involved Europe “to some degree” with the starting point of collapse coming over the summer. However, Brent crude rose $1.06 to $98.20 yesterday after the US Energy Department said the country’s stockpiles had seen a surprise fall of 191,000 barrels to 384.4m barrels last week.

Comparing the situation in 2008 and today, Mr Stuart and Mr Revielle noted that “global imbalances are worse and much of the available political and real capital has merely been squandered in the interim.” » | Garry White | Wednesday, June 13, 2012

Niall Ferguson: Oil Could Reach $200
Niall Ferguson, historian and author of Civilization, tells Robert Miller that the Middle East political unrest could push the price of oil to $200 a barrel.

Oil Prices Soar as Iran Warns US Aircraft Carrier Away from Persian Gulf
THE GUARDIAN: Prices rise worldwide amid concerns that tensions between US and Iran over key oil route could lead to supply disruptions

Iran's army chief on Tuesday warned an American aircraft carrier not to return to the Persian Gulf in Tehran's latest tough rhetoric over the strategic waterway, part of a feud with the United States over new sanctions that has sparked a jump in oil prices.

General Ataollah Salehi spoke as a 10-day Iranian naval exercise ended near the Strait of Hormuz at the mouth of the Gulf. Iranian officials have said the drill aimed to show that Iran could close the vital oil passage, as it has threatened to do if the United States enacts strong new sanctions over Iran's nuclear program.

The strait, leading into the Gulf of Oman and Arabian Sea, is the only possible route for tankers transporting crude from the oil-rich states of the Persian Gulf to markets. A sixth of the world's oil exports passes through it every day.

Oil prices rose to over $101 a barrel Tuesday amid concerns that rising tensions between western powers and Iran could lead to crude supply disruptions. By early afternoon in Europe, benchmark crude for February delivery was up $2.67 to $101.50 a barrel in electronic trading on the New York Mercantile Exchange. » | Associated Press | Tuesday, January 03, 2012

Oil Prices Flare on Libya Fighting
Mar 4 - Summary of business headlines: Oil hits fresh 2-1/2 year high as Libyans take up arms, Wall Street knocked lower; U.S. enjoys strongest job creation in nine months, falling unemployment rate; Galleon hedge fund founder heads to court ahead of insider trading trial. Conway G. Gittens reports

Oil Rises as Mideast Tensions Flare
Summary of business headlines: Oil prices rally on new Suez Canal concerns; Fed raises forecasts, but inflation shows up in January; Borders files for bankruptcy; Wall Street ends at new multi-year highs

Oil Price Jumps $2 as Saudi Arabian Energy Minister Fuels Inflation Fears
THE DAILY TELEGRAPH: The Saudi Arabian energy minister pushed up oil futures by $2 per barrel, after implying the powerful nation will not do anything to stop prices rising to $90.

Ali al-Naimi told a conference in Singapore that consumers are looking for prices in the $70-$90 range. Photo: The Daily Telegraph
The comments will drive further fears of inflation, as transportation costs of consumer goods tends to rise with the oil price.

Brent crude rose $2.06 to $85.21, as any signs about Saudi Arabia's plans for output can have a huge impact on the volatile oil market.

Ali al-Naimi, the oil minister, told a conference in Singapore: "Consumers are looking for oil prices around $70, but hopefully less than $90. There's almost an anchor now for the price."

Analysts quickly pointed out that this $70-$90 range is higher than the previous $70-$80 window cited by the Gulf nation as comfortable. Read on and comment >>> Rowena Mason | Monday, November 01, 2010