European Ministers Call For Profit Caps

Finance ministers from five European Union member states are urging the bloc to introduce a windfall tax on energy companies as surging oil and gas prices raise inflation fears. Spain, Germany, Italy, Portugal and Austria warned of market distortions linked to the Iran conflict that are driving up costs for households and businesses. The proposal would revive profit caps used during the 2022 energy crisis after Russia’s invasion of Ukraine. Inflation in the eurozone has already risen to 2.5% in March. With Iran disrupting tanker traffic through the Strait of Hormuz, officials warn fuel prices may stay elevated.