Six European countries are urging the EU to impose a windfall tax on oil companies that have seen profits increase dramatically since the start of the war on Iran.

The AFP news agency reports that it has seen a draft letter from Germany, Italy, Austria, Poland, Portugal and Spain which says, “Oil companies are enjoying overall profitability and margins on refined products that exceed the rise in crude oil prices”.

“We are experiencing one of the biggest supply shocks in decades and all over the world there is growing discontent about the rise in the cost of living,” the letter adds.