Good morning from the Financial Times.

Today is Thursday, May 28th, and this is your FT News briefing.

Oil prices continued their roller coaster ride yesterday, and Ukraine's drone production could be turning the tides of the war.

Plus, consulting startups are launching a formidable challenge to the big four, all thanks to AI.

I'm Sonia Hudson, and here's the news you need to start your day. Oil traders think the U.S. and Iran are getting closer to a deal.

Yesterday, Iranian State TV broadcast details of a proposal to extend Tehran's ceasefire with the U.S. and reopen the

Strait of Hormuz. Brent Crude fell as much as 5% yesterday. The proposal included a commitment to

restore shipping to pre-war levels within a month and an American promise to lift a naval blockade on Iranian ports.

The White House, however, called the report a, quote, complete fabrication.

The tiths could be turning in the war in Ukraine. Russia adopted a law yesterday that allows the

central bank and other financial institutions to shoot down drones. Now, this comes after Ukraine

has stepped up its strikes, thanks to a surge in domestic drone production. Ukraine's turnaround

has challenged the long-held conventional

wisdom that Russia's bigger army can outlast Keev. Here to tell us more is the FT's chief

Ukraine correspondent, Chris Miller. Hey, Chris. Hi, Sonia. So give us a sense of scale here. How much

has Ukraine grown its drone supply?

Well, if you look at 2022, when Russia first launched this full-scale invasion,

drones were being used by the dozens or by the hundreds, right? And mostly for surveillance

and reconnaissance. But they hadn't really created what they are doing now and turning them into weapons and

having them carry bombs and really industrializing and revolutionizing modern warfare,

as we know they are now.

And many of these drones are what we are seeing used against Russian forces in the battlefields

...