<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The finance ministers of </span><a href="https://www.9news.com.au/spain" rel="" target="" title="Spain"><span>Spain</span></a><span> and four other </span><a href="https://www.9news.com.au/europe" rel="" target="" title="European"><span>European</span></a><span> countries are urging the European Union to impose a bloc-wide windfall tax on energy companies, concerned that </span><a href="https://www.9news.com.au/petrol-prices" rel="" target="" title="surging oil and gas prices"><span>surging oil and gas prices</span></a><span> driven by the war in </span><a href="https://www.9news.com.au/iran" rel="" target="" title="Iran"><span>Iran</span></a><span> will fuel inflation and strain households.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Spanish Economy Minister Carlos Cuerpo said on Saturday that his counterparts from </span><a href="https://www.9news.com.au/Germany" rel="" target="" title="Germany"><span>Germany</span></a><span>, </span><a href="https://www.9news.com.au/italy" rel="" target="" title="Italy"><span>Italy</span></a><span>, </span><a href="https://www.9news.com.au/Portugal" rel="" target="" title="Portugal"><span>Portugal</span></a><span> and </span><a href="https://www.9news.com.au/Austria" rel="" target="" title="Austria"><span>Austria</span></a><span> had signed a letter to the European Commission citing "market distortions" caused by the price spike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The conflict in the </span><a href="https://www.9news.com.au/middle-east" rel="" target="" title="Middle East"><span>Middle East</span></a><span> has caused oil prices to rise, placing a significant burden on the European economy and on European citizens," the letter, dated from Friday and made public by Cuerpo in an online post, said.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/iran-israel-usa-war-petrol-crisis-diesel/87e69c4c-8166-4484-ba06-ab03c4004002" rel="" target="" title="Fuel restocked but farmers 'running on empty' leaders warn"><strong><span>Fuel restocked but farmers 'running on empty' leaders warn</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It is important to ensure that this burden is distributed fairly," it added.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Europe is largely dependent on imported oil and gas, leaving it vulnerable to external shocks. In 2022, turmoil in energy markets following </span><a href="https://www.9news.com.au/russia-ukraine" rel="" target="" title="Russia's full-scale invasion of Ukraine"><span>Russia's full-scale invasion of Ukraine</span></a><span> pushed inflation into double digits in many European countries.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>At the time, the EU imposed a "solidarity contribution" that included caps on excess energy profits.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/us-israel-iran-war-european-ministers-call-for-profit-caps-on-energy-companies-price-surge/07c64e29-acd0-4c05-843b-5c4189d2c4fd" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Given the current market distortions and fiscal constraints, the European Commission should swiftly develop a similar EU-wide contribution instrument," the letter said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Driven largely by higher oil prices, the annual inflation rate in the 21 countries that use the euro rose to 2.5 per cent in March, from 1.9 per cent in February.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran has blocked most tanker traffic through the Strait of Hormuz — a chokepoint for about 20 per cent of global oil and gas — in a move that threatens to stress fuel markets for months.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>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."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY:</span></strong></em><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="" title=""><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="" title=""><em><strong><span>Google Play</span></strong></em></a></li><li><em><strong><span>Make 9News your preferred source on Google by</span></strong></em><span> </span><a href="https://9.nine.com.au/8x987w" target="" title=""><em><strong><span>ticking this box here</span></strong></em></a></li><li><em><strong><span>Sign up to</span></strong></em><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="" title=""><em><strong><span>our breaking newsletter here</span></strong></em></a></li></ul></div></div>