BRUSSELS, 4th April, 2026 (WAM) -- 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 who profit from the consequences of the war must do their part to ease the burden on the general public," they wrote.
In the letter, addressed to EU Climate Commissioner Wopke Hoekstra, the ministers pointed to a similar emergency tax in 2022 to address high energy prices.
"Given the current market distortions and fiscal constraints, the European Commission should swiftly develop a similar EU-wide contribution instrument grounded on a solid legal basis," they wrote.
Driven largely by higher oil prices, the annual inflation rate in the 21 countries that use the euro rose to 2.5% in March, from 1.9% in February.
Iran has blocked most tanker traffic through the Strait of Hormuz — a chokepoint for about 20% of global oil and gas — in a move that threatens to stress fuel markets for months.
European Union Energy Commissioner Dan Jorgensen warned this week that disruption caused by the closure means fuel prices are unlikely to “go back to normal in a foreseeable future.”