Good morning from the Financial Times. Today is Monday, March 16th, and this is your FT News briefing.

U.S. President Donald Trump issues a warning to NATO, and America's shale producers are not rushing

to boost output, even as oil continues to surge.

Plus, we got a lot of central bank decisions coming up this week,

but don't expect policymakers to brush off the effects of higher energy prices.

I think they're just very burnt by the experience of talking about transitory,

inflationary consequences back in 21, 22, given it was anything but transitory.

I'm Victoria Craig, and here's the news you need to start your day.

In an interview with the FT late Sunday, President Trump said NATO will face a, quote,

very bad future if U.S. allies fail to help open the Strait of Hormuz. It's a key waterway that before the war in Iran began, allowed about a fifth of the world's oil to pass through. The president

also said he could delay a summit with

China's president Xi Jinping later this month, as he urges Beijing to help open the shipping route.

President Trump's warning comes as European foreign ministers are due to gather in Brussels today

to discuss ways they can help restart shipments through the strait. The meeting comes as the

conflict enters its

third week and as oil prices continue to trade near multi-year highs due to Iran's closure of the

strait. A French diplomat told the FT the country is working with partners on a joint naval mission

to secure the strait and, quote, ensure the safe passage of tankers there. America's energy secretary,

meanwhile, said on Sunday morning that the war will likely end in a few more weeks and that

reopening the Strait of Hormuz will be a, quote, increasing focus for the U.S. military.

Well, with vital oil supplies, still, for the most part, not allowed to transit through the

Strait of Formuz, it might seem that America's shale producers would be in a good position

...