EU Nations Seek Windfall Tax on Oil Giants Amid Iran Conflict

EU nations are pushing for a windfall tax on oil giants over their 'excessive profits' linked to price hikes caused by the US-Israeli war on Iran. Six countries - Portugal, Spain, Austria, Italy, Poland, and Germany - signed a joint letter calling the crisis 'one of the biggest supply shocks in decades.'

The finance ministers warned that around the world, discontent is growing over the rising cost of living and called for a 'common approach' to address the issue. The initiative, reportedly led by Germany, seeks to discuss an EU-wide framework to tax excess profits.

Oxfam estimated that the combined profits of BP, Chevron, Eni, ExxonMobil, Shell, and TotalEnergies could reach €147 billion ($171.2 billion) by the end of the year, prompting the charity to call for a permanent windfall tax of at least 50% on profits exceeding a 10% return on investment.