Several European Union finance ministers are urging the EU Commission to impose a tax on the windfall profits of energy companies. This call comes as a response to elevated fuel prices fueled by the ongoing conflict with Iran.

Five European Union finance ministers are calling for a tax on windfall profits of energy companies in reaction to rising fuel prices due to the Iran war, according to a letter from ‌the ministers to the EU Commission seen by Reuters on Saturday. The finance ministers of Germany, Italy, Spain, Portugal and Austria made the joint call in a letter dated Friday, saying such a measure would be a signal that “we stand united and are able to take action”. “It would also send a clear message that those...