EU Ministers Push for Windfall Tax Amid Middle East Oil Crisis

Finance ministers from five EU nations are calling for an urgent windfall tax on energy companies as surging oil prices strain Europe's economy. A letter signed by ministers from Spain, Germany, Italy, Portugal, and Austria warns that escalating energy costs—driven by Iran’s blockade of oil tankers through the Strait of Hormuz—are deepening inflation and burdening households. They demand a swift EU-wide mechanism to target excessive profits, echoing measures taken during past crises. The blockad