BlackRock Chairman and CEO Larry Fink said the United States’ war with Iran is unlikely to cause lasting economic damage, even as oil prices surge amid the conflict, the New York Post reports.

“Do I believe the war is going to be lasting a long time? No,” Fink said Wednesday in a television interview. “Do I believe oil is going be reverting back to where it was? Maybe even lower.”

Addressing the recent volatility in energy markets, Fink said BlackRock — the world’s largest asset manager — remains focused on long-term investment trends rather than short-term price swings.

“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.”

His comments come as global energy markets react to the escalating conflict in the Middle East.

Gasoline prices have climbed about 20% since the U.S. attacked Iran on Feb. 28, intensifying pressure on consumers. The national average price for regular gasoline now stands at $3.58 per gallon, compared with $2.94 before the strike, according to AAA.

Despite the recent spike, Fink suggested oil prices could fall significantly once the conflict ends and if Iran is able to return to global markets.

“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 also urged investors not to overreact to market turbulence caused by the conflict, arguing the volatility could present buying opportunities.

“We have seen many people pulling out of the market. And, to me, that is the wrong outcome,” Fink said. “In fact, I’ve been getting so many texts, ‘What should I do?’ And I said, ‘Buy more here.’ This is a good long-term opportunity.”

During the interview, Fink also addressed criticism of corporate initiatives tied to diversity, equity and inclusion (DEI) and environmental, social and governance (ESG) investing.

“The pendulum moves all the time,” he said.

“Do I believe the pendulum five years ago was too far? Yes.”

BlackRock began rolling back some of its DEI initiatives last February, citing “significant changes to the U.S. legal and policy environment related to Diversity, Equity and Inclusion (DEI) that apply to many companies, including BlackRock.”

Fink said he feels “more pragmatic” today than he did five years ago and believes society has moved into a “better position” with a more practical approach.

Asked whether BlackRock pushed some companies further left than intended, Fink said that was never the firm’s objective.

“It was never our intention because our job is to be — I gotta be a fiduciary to everybody who gives us money.”