BlackRock CEO Larry Fink says Iran war will not derail economy despite surging gas prices

BlackRock Chairman and CEO Larry Fink insisted the United States’ war with Iran will not have lasting economic consequences, even as oil prices continue to surge nationwide.“Do I believe the war is going to be lasting a long time? No,” Fink told Fox News chief political anchor Bret Baier.“Do I believe oil is going be reverting back to where it was? Maybe even lower.”Fink joined “Special Report” Wednesday, where he discussed how artificial intelligence and the war in Iran are affecting the economy.

He also addressed whether so-called “woke” corporate initiatives have proven to be a failed experiment.Turning first to market volatility, Fink explained why short-term impacts on energy prices do not alarm BlackRock, the world’s largest asset manager.“It creates uncertainty, and uncertainty creates fear,” he said of the war with Iran.“But that being said, the $14.5 trillion of money we manage, most of it is very long-dated.

I don’t pay much attention to the short-term volatility.”Fink’s comments come as energy markets roil amid conflict in the Middle East.Gasoline prices have surged 20% since the U.S.attacked Iran Feb.

28, causing intensifying pain at the pump.The national average currently sits at $3.58 per gallon for regular gasoline, compared to $2.94 before the U.S.

struck Iran, per AAA.Despite the recent spike, Fink argued that oil prices could fall even lower once the war ends and if Iran reenters the global market.“If the outcome of the war is a neutralized Iran, and they are allowed to be selling … oil products into the market again, I mean there’s probably a great probability that oil is gonna be below 50,” he said.Fink cautioned investors against making drastic moves during the U.S.-Israel-led war with Iran, arguing that the volatility could create opportunities.“We have seen many people pulling out of the market.And, to me, that is the wrong outcome,” Fink argued.

“In fact, I’ve been getting so many texts, �...