BP more than doubled profits in Q1 2026 as oil companies reaped massive gains from the Iran conflict and Persian Gulf disruptions. Finance ministers across Europe plus advocacy groups are pressing the European Commission to impose taxes on these extraordinary profits, with Austrian, German, Italian, Portuguese and Spanish leaders arguing companies profiting from war should help ease public burden.

The EU previously raised $26 billion through a temporary windfall tax between 2022-2024, though well below expectations. France collected just €69 million versus a projected €3 billion as companies shifted profits to tax havens. The UK's 38% energy levy generated between $3.5-4.9 billion annually but exempts overseas profits from oil trading during the Iran conflict.

In the United States, gasoline prices hit a new peak since the war's start, increasing costs for drivers by 44%. President Trump has celebrated US oil production gains and promised energy executives supersized returns if they help fund his election. Democratic lawmakers and advocacy groups have called for a windfall tax, but action appears unlikely given the administration's industry-friendly stance.