Edition · Monday, 25 May 2026
What happened, the forces beneath it, why it matters — then your turn.
01 · Briefing · what happened
Iran deal talks inch forward as Russia strikes Kyiv with hypersonic missile
The US and Iran are negotiating a ceasefire deal that would reopen the Strait of Hormuz — the narrow waterway carrying a fifth of global oil — but both sides caution no agreement is imminent, sending oil below $100 for the first time in weeks. Meanwhile Russia pounded Kyiv overnight with its most powerful missile class, and the war's ripple effects continue reshaping energy markets, currencies, and politics from Senegal to Malaysia.
Read the full briefing
02 · Lesson · why it matters
UK competition watchdog to examine childcare market - Financial Times
UK competition watchdog examining the childcare market touches nearly every working parent's day and lets us teach how competition policy actually works—how regulators decide when a market is 'working' and what tools they use to measure it.
Read the lesson
03 · Lab · your turn
Switching Costs and Captive Demand
When moving from one provider to another carries high costs—lost deposits, waiting lists, or service disruption—customers stay with providers they'd otherwise leave, letting prices drift above cost without losing market share.
Rehearse the decision