Cattle prices in Australia climbed to record levels this week after widespread rain fell across Queensland and northern New South Wales. The downpours have improved pasture conditions just as buyers compete for a tightening supply of young stock.

Qatar has struck a deal to purchase liquefied natural gas from US exporters, the latest sign of how the Iran war is reshaping global energy markets. Security concerns around the Strait of Hormuz are pushing buyers toward alternative supply routes, benefiting American LNG producers.