The United Nations called on Monday for a “radical” overhaul of financial regulations designed to limit the profits of oil companies, financiers and major traders such as Vitol and Trafigura following commodity price shocks.

Spiking prices pushed millions into poverty in 2022, while allowing corporations to make “super profits” on the back of high oil prices and other commodities, according to the UN Conference on Trade and Development. The European Union last week agreed to introduce windfall taxes for energy companies’ record profits.