In a joint letter to the European Commission, finance ministers from Germany, Italy, Spain, Portugal, and Austria have proposed a windfall profit tax on energy companies as fuel prices surge due to the ongoing conflict between the US, Israel, and Iran. The ministers emphasized that such a tax would signal unity and accountability for those profiting from the war's consequences. Since the conflict escalated on February 28, energy prices have increased by more than 70%, raising concerns about global supply disruptions, particularly through the Strait of Hormuz, a crucial shipping corridor. The ministers referenced a similar emergency tax enacted in 2022 during the Russia-Ukraine conflict, urging the European Commission to swiftly develop a new EU-wide contribution instrument. The EU's energy chief indicated that the bloc is considering reviving emergency measures, including caps on gas prices and taxes on windfall profits, to mitigate the impact of the current crisis on European consumers.