Live Updates: A10 Warthog ‘crashed’ by Strait of Hormuz as search for missing F-15E crew member ongoing

Five European Union countries are pushing for a tax on energy company windfalls as the Iran war enters a sixth week and tensions in the Strait of Hormuz continue to strain global energy markets.

The finance ministers from Germany, Italy, Spain, Portugal and Austria called on the European Commission to introduce a windfall tax on energy companies they say are profiting from the consequences of the Iran war.

They argue a windfall tax — a levy on unexpected or unusually large profits driven by external events — could help fund relief for consumers facing rising costs.

“It would make it possible to finance temporary relief, especially for consumers, and curb rising inflation, without placing additional burdens on public budgets,” the ministers wrote in a letter to the EU Commission seen by Reuters.

“It ​would also send a clear message that those who profit from the consequences of the war must do their part to ​ease the burden on the general public.”

The proposal comes as oil and gas prices have spiked since U.S.-Israeli strikes on Iran began in late February, triggering a price shock similar to Europe’s 2022 energy crisis following Russia’s invasion of Ukraine.

Europe’s heavy reliance on imported fuel leaves it exposed to the Middle East conflict’s impact on global energy markets, with gas prices rising more than 70% since the war began on Feb. 28, the outlet reported.