Iran-Israel war updates: Trump says Iran military leaders killed in Tehran strike

The Finance Ministers of Spain and four other European countries are urging the European Union to impose a bloc-wide windfall tax on energy companies, concerned that surging oil and gas prices driven by the war in Iran will fuel inflation and strain households.

Spanish Economy Minister Carlos Cuerpo said today that his counterparts from Germany, Italy, Portugal and Austria had signed a letter to the European Commission citing “market distortions” caused by the price spike.

“The conflict in the Middle East has caused oil prices to rise, placing a significant burden on the European economy and on European citizens,” the letter, dated yesterday and made public by Cuerpo in an online post, said.

“It is important to ensure that this burden is distributed fairly,” it added.

Europe is largely dependent on imported oil and gas, leaving it vulnerable to external shocks. In 2022, turmoil in energy markets following Russia’s full-scale invasion of Ukraine pushed inflation into double digits in many European countries.

-AP