India, April 5 -- The finance ministers of Spain and four other European countries are urging the European Union to impose a bloc-wide windfall tax on energy companies, concerned that surging oil and gas prices driven by the war in Iran will fuel inflation and strain households.

Spanish Economy Minister Carlos Cuerpo said on Saturday that his counterparts from Germany, Italy, Portugal and Austria had signed a letter to the European Commission citing "market distortions" caused by the price spike.

"The conflict in the Middle East has caused oil prices to rise, placing a significant burden on the European economy and on European citizens," the letter, dated Friday and made public by Cuerpo in an online post, said.

"It is important to ens...