Finance ministers from five European Union member states are urging the bloc to introduce a windfall tax on energy companies as surging oil and gas prices raise inflation fears.

The European Union's energy commissioner says skyrocketing oil and gas prices in Europe as a result of the ongoing Iran war won’t return to normal levels any time soon, even if peace is declared tomorrow.

Teams of veteran negotiators fanned out Friday at the United Nations climate conference with orders to get the strongest, most ambitious agreements possible, especially on the central issue of the fading future of fossil fuels in a dangerously warming planet.