Prominent economists, led by Nobel laureate Joseph Stiglitz, are calling on governments worldwide to implement windfall profit taxes on energy and fertilizer firms. This plea comes as the US-Israeli conflict causes a surge in oil and gas prices, boosting corporate profits while burdening consumers with higher costs. The economists emphasize that these extraordinary gains are due to the conflict's impact, not innovation, and argue that taxing them is both economically and morally justified.

The surge in energy prices is also raising input costs like fertilizer, risking broader inflation across economies. Similar measures have been proposed or adopted in Europe, with countries such as Germany, Italy, and Spain advocating for windfall taxes to ease consumer financial pressures. The European Commission is already exploring potential taxes on energy profits, reflecting growing global support for targeted taxation on pandemic- or conflict-induced profits.