LONDON, March 25 -- A surge in oil prices to as high as US$150 (RM600) per barrel could push the global economy into a "stark and steep recession", the chief executive of BlackRock has warned, as geopolitical tensions continue to rattle energy markets.

Speaking to the BBC, BlackRock CEO Larry Fink said prolonged instability involving Iran could keep oil prices elevated for years, with severe consequences.

"If Iran remains a threat" and prices stay high, it would have "profound implications" for the global economy, he said.

Fink outlined two possible paths: a de-escalation that brings oil prices down, or a prolonged period of elevated costs. In the latter scenario, he warned of "years of above US$100, closer to US$150 oil" and "a probab...