-- （第四段更新了安橋公司的回應。） 美國最高法院週三駁回了安橋公司（Enbridge，股票代碼：ENB）提出的將一起旨在阻止該公司運營5號輸油管道的訴訟從密西根州法院移交至聯邦法院的動議。 密西根州總檢察長於2019年6月在州法院提起訴訟，試圖阻止安橋公司營運這條全長645英里（約1040公里）的輸油管。該管道從威斯康辛州西北部延伸至密西根州，最終進入加拿大。 「因此，上訴法院的裁決是正確的，即安橋公司的移交通知過時時效，此案必鬚髮回密西根州法院，」索尼婭·索托馬約爾大法官在代表最高法院發表的意見書中表示。 “上訴法院的判決予以維持。” 「撇開程序性裁決不談，事實仍然是，5號輸油管的安全完全由管道和危險材料安全管理局（PHMSA）監管，」安橋公司在發給的電子郵件聲明中表示。 “PHMSA每年都會對5號線在麥基諾海峽的運營進行檢查和審查，並一直認為該管道符合規定，沒有發現任何需要關閉該管道的安全問題。”
Price: $51.95, Change: $+0.09, Percent Change: +0.18%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month price target by $7 to $136, based on 19.5x our FY 26 EPS estimate and below the company's five-year average forward P/E multiple of 23.6x, reflecting our view of increased competition, higher commodity prices, and ambitious growth targets. We maintain our FY 26 and FY 27 EPS estimates of $6.96 and $7.27, respectively. P&G posted normalized FQ3 EPS of $1.59 vs. $1.54 in the year prior and $0.03 above consensus estimates. Net sales rose to $21.2B, representing a 7% increase that included a 4%-pt tailwind from FX. Organic sales advanced 3%, driven equally by a 2% increase in volume and 1% improvement in pricing, while mix remained neutral. Profitability metrics came under pressure during the quarter as gross margin contracted by 150 bps to 49.5%. On a core basis, gross margin declined 100 bps to 50.0%, impacted by 180 bps of unfavorable mix, 100 bps of reinvestments, 50 bps of higher tariff costs, and 10 bps of unfavorable commodity costs. We remain at Sell on shares.
The Middle East conflict is tightening global energy markets and raising the risk of a "cruel summer" for consumers, as constrained supply collides with peak seasonal demand and policymakers struggle to contain the fallout, RBC Capital Markets strategists said in a note on Sunday.RBC analysts said the conflict, now in its third month, has displaced up to 1 billion barrels of crude and refined products from global markets, marking what some analysts describe as the largest supply shock in modern history.However, despite intermittent ceasefire signals and market optimism around a reopening of the Strait of Hormuz, negotiations between Iran and the US remain deadlocked.Iran has refused to abandon uranium enrichment, while the US has yet to secure meaningful concessions, with recent talks failing to materialize.RBC said for weeks the Trump administration has leaned on messaging that the conflict could end soon, helping cap near-term oil prices. However, market participants said that the narrative may be masking the severity of the supply crunch and delaying necessary demand destruction."The price response has been unusually muted given the scale of the disruption," RBC analysts said, adding that subdued prices risk fostering complacency among policymakers and consumers alike.The analysts said even in a best-case scenario, the return of Middle Eastern supply is expected to be slow. Damage to oil fields, export terminals, and logistics networks could take 3 to 6 months to repair, RBC said, with longer timelines likely if subsurface infrastructure has been severely damaged.Uncertainty over the true extent of the damage remains high, with satellite imagery offering only partial insights and on-the-ground assessments still pending.Meanwhile, global inventories are drawing down as supply remains constrained. RBC analysts expect crude and refined product prices to rise further into the summer, driven by steady demand and tightening fundamentals.Refinery margins are also set to strengthen, as limited product availability pushes up fuel prices. However, the dynamic carries risks, as higher costs could eventually trigger demand destruction and weigh on the global economy.Though Asia has been the epicenter of the crisis, the effects of the Iranian conflict are being felt in Europe, where energy import costs have surged.The European Union has spent an additional 24 billion euros ($28.1 billion) on fossil fuel imports since February, with aviation among the hardest-hit sectors.Major carriers, including Lufthansa, KLM, and Scandinavian Airlines, have collectively canceled tens of thousands of flights due to high fuel costs and route constraints. Some airlines said that fuel supplies are only secured through mid-May, raising the prospect of further disruptions.The conflict is also accelerating shifts in consumer behavior. Electric vehicle adoption is rising rapidly, with battery-electric registrations in Europe jumping in early 2026, while second-hand EV sales have surged in key markets.On the demand side, RBC said Asian governments are taking aggressive steps to curb energy consumption.South Korea has extended fuel price controls, while India has cut industrial LNG supplies by 20%. Bangladesh has introduced fuel rationing, and countries including the Philippines, Vietnam, and Sri Lanka have reinstated remote work policies and driving restrictions.China, the world's largest energy importer, appears better positioned to absorb the shock, having built up strategic reserves. However, its reliance on Middle Eastern supply, which accounts for more than half of its imports, leaves it exposed to prolonged disruption.RBC analysts said that the combination of steady demand, constrained supply, and limited price response could amplify the eventual market correction.The analysts said any additional disruptions, including refinery outages, export restrictions, or further attacks on energy infrastructure, could exacerbate shortages just as summer demand peaks.