BlackRock's billionaire chief executive isn't too worried about the oil price despite a recent spike brought on by Iran sanctions news.

Citing robust crude inventories beyond hotspots like Venezuela and Iran, where civil conflict and U.S. sanctions have taken millions of barrels of oil off the market, Larry Fink espoused an optimistic approach to markets and the Gulf region in the medium and long term.

"Related to the sanctions on Iran ... the delta is much smaller than people think," Fink told CNBC's Hadley Gamble during a panel at the inaugural Financial Sector Conference in Riyadh Wednesday.

The asset manager was likely referencing the now four-year low in the Islamic Republic's crude exports, hit by U.S. sanctions as a result of the President Donald Trump administration's withdrawal from the 2015 Iran nuclear deal in May last year.

Iranian exports dropped to 1.4 million barrels per day (bpd) in March, according to the Energy Information Administration, down from 2.8 million bpd in May of the previous year. The figure represents just over half of the country's current total production, which OPEC reports sat at 2.6 million bpd in March, down from 3.6 million bpd in the third quarter of last year.

The State Department announced on Monday its intention to deny further sanctions waivers to countries that import Iranian crude, immediately sending the oil price up about 3%. In response, Iranian officials threatened to close the Strait of Hormuz, the conduit route for about 20% of all seaborne trade in crude and condensates.

But Fink, as well as Saudi Energy Minister Khalid al Falih, pointed to a rise in inventories in the Arab Gulf states as well as in the U.S. that they believe will offset the tightening supply from Iran.

"As the (Saudi) oil minister suggested, there is greater inventory, so if there's a time to be moving forward and make the region even more secure, it looks like this is probably a very good time to do that," Fink said.