The Wall Street Journal
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What’s News
WEDNESDAY, MARCH 4, 2026
3/4/2026 5:06:00 PMShare This Episode
The Growing Middle East Conflict Risks Drawing in the U.S.’s NATO Allies
拡大する中東紛争は、アメリカのNATO同盟国を巻き込むリスクがある
P.M. Edition for Mar. 4. The geography of the U.S.-Iran conflict is expanding: the U.S. shot down an Iranian missile fired at Turkey, and also sank an Iranian ship in the Indian Ocean. Plus, oil prices stabilized today but are still up about 15% this week. We hear from WSJ reporter Benoît Morenne about why American frackers aren’t taking this as their cue to increase supply. And a record number of Americans are tapping into their 401(k)s to pay for emergencies. Alex Ossola hosts.
• conflict /ˈkɑːnflɪkt/ 紛争、衝突
• risk drawing in /rɪsk ˈdrɔːɪŋ ɪn/ ～を巻き込むリスクがある
• NATO allies /ˈneɪtoʊ ˈælaɪz/ NATO同盟国
• geography /ʤiˈɑːɡrəfi/ 地理的範囲
• shot down /ʃɑːt daʊn/ 撃墜した
• missile /ˈmɪsəl/ ミサイル
• sank /sæŋk/ 沈めた（sink の過去形）
• stabilize /ˈsteɪbəlaɪz/ 安定する
• fracker /ˈfrækər/ フラッキング（シェール採掘）企業・業者
• cue /kjuː/ 合図、きっかけ
• increase supply /ɪnˈkriːs səˈplaɪ/ 供給を増やす
• tap into /tæp ˈɪntuː/ （資金などを）引き出して使う
• 401(k) /ˌfɔːr oʊ wʌn ˈkeɪ/ 米国の確定拠出型年金制度
• emergency /ɪˈmɜːrʤənsi/ 緊急事態
risk drawing in ～
risk + 動名詞で「～するリスクがある」。
drawing in は「巻き込む」。
→ 「同盟国を紛争に巻き込む危険」。
The geography of the U.S.-Iran conflict is expanding
geography はここでは「地理的範囲」。
→ 「米国とイランの衝突の戦場・影響範囲が広がっている」。
shot down an Iranian missile fired at Turkey
fired at ～ は「～に向けて発射された」。
→ 「トルコに向けて発射されたイランのミサイルを撃墜した」。
take this as their cue to increase supply
take A as B = 「AをBと受け取る」。
cue は「合図」。
→ 「これを供給拡大の合図とは受け取っていない」。
tap into their 401(k)s
tap into は「資源・資金などを引き出して使う」。
→ 「401(k)年金の資金を取り崩す」。
Alex Ossola: The conflict in the Middle East expands, and the U.S. shoots down an Iranian missile fired at NATO member, Turkey. Plus, oil prices are up about 15% this week, but U.S. drillers aren't rushing to pump more.
Benoît Morenne: It's just too risky for them right now. Why would they bother to add a rig and change their plans when we don't know how long this crisis is going to go on for?
• rig /rɪɡ/ 掘削装置（石油・ガスの採掘設備）
• bother to /ˈbɑːðər tuː/ わざわざ～する
Why would ～ は修辞疑問で「わざわざ～するだろうか（いやしない）」のニュアンス。
add a rig は「掘削装置を増やす＝新しい採掘設備を導入する」。
Alex Ossola: And why record numbers of workers are pulling money out of their retirement accounts for emergencies. It's Wednesday, March 4th. I'm Alex Ossola for The Wall Street Journal. This is the PM Edition of What's News, the top headlines and business stories that move the world today.
This morning, the U.S. sank an Iranian ship in the Indian Ocean, killing at least 87 people. Defense Secretary Pete Hegseth said it was the first time a U.S. torpedo had sunk an enemy ship since World War II. Washington is determined to destroy Tehran's Navy and safeguard the flow of oil through the Persian Gulf. In a news conference at the Pentagon, Hegseth provided a new timeline for the duration of the war.
Pete Hegseth: Iran cannot outlast us. We are going to ensure, through violence of action and our offensive capabilities and our defensive capabilities, as I said, that we set the tone and the tempo of this fight. And that's why we don't talk about ... We can say four weeks, but it could be six, it could be eight, it could be three. Ultimately, we set the pace and the tempo.
• sink a ship /sɪŋk ə ʃɪp/ 船を沈める、撃沈する
• torpedo /tɔːrˈpiːdoʊ/ 魚雷
• enemy ship /ˈɛnəmi ʃɪp/ 敵艦
• safeguard /ˈseɪfɡɑːrd/ 守る、保護する
• the flow of oil /ðə floʊ əv ɔɪl/ 石油の流れ、石油供給
• Persian Gulf /ˈpɜːrʒən ɡʌlf/ ペルシャ湾
• provide a timeline /prəˈvaɪd ə ˈtaɪmlaɪn/ 見通し・スケジュールを示す
• outlast /aʊtˈlæst/ より長く持ちこたえる
• violence of action /ˈvaɪələns əv ˈækʃən/ （軍事）迅速かつ攻撃的な行動
• offensive capabilities /əˈfensɪv ˌkeɪpəˈbɪlətiz/ 攻撃能力
• defensive capabilities /dɪˈfensɪv ˌkeɪpəˈbɪlətiz/ 防御能力
set the tone / set the tempo / set the pace いずれも「主導権を握る」
Alex Ossola: The conflict risks drawing in NATO allies. Today, the U.S. also shot down an Iranian missile headed to a Turkish military base that hosts American forces. Iran had refrained from attacking Turkey until now. And in recent days, the U.K. and France have said that they would send additional warships to the region after an Iranian drone targeted a British military base in Cyprus. Meanwhile, on Capitol Hill, the Senate is voting today on a resolution over Trump's war powers. The push to stop the military operation against Iran is expected to fail as most Republicans back the president. Sen. Tim Kaine, a Democrat from Virginia who sponsored the resolution, spoke from the Senate floor ahead of the vote.
Sen. Tim Kaine: And so here we are in a war that has cost American lives, that is leading to chaos throughout the region, that threatens to go bigger and bigger and bigger. And I'm asking the Senate to do what the framers of the Constitution said we should do, debate and vote about matters of war.
Alex Ossola: Sen. Mitch McConnell of Kentucky defended the president's decision to strike Iran and said presidential power to use military force without congressional approval was "well-established." But he warned in a floor speech that there are risks involved and that Trump needs to explain his strategy to the American public. A vote on a similar measure in the House is expected tomorrow.
As we've been covering on the show this week, the conflict in the Middle East has thrown the global oil market for a loop. Yesterday, the U.S. oil benchmark settled below $75 a barrel, a level not seen since last June. And though global oil prices seem to have stabilized today, Goldman Sachs analysts predicted that global oil could shoot to $100 a barrel if the Strait of Hormuz is paralyzed for weeks. But Benoît Morenne, who covers the U.S. oil and gas industry, says American drillers aren't rushing to boost their production. Benoît, why aren't American drillers jumping on this?
throw ~ for a loop
直訳は「輪の中に投げ込む」－＞「混乱させる／予想外の事態にする」
Benoît Morenne: It's just too risky for them right now. Why would they bother to add a rig and change their plans when we don't know how long this crisis is going to go on for? So it just makes no sense for them to revisit billions of dollars in spending that they've laid out for 2026 to investors just a couple of weeks ago for some of those companies. They would be punished by investors if they made those changes based on just the last few days. There are indications that the U.S. Navy might be providing protection to tankers. And President Trump has said that the U.S. might be providing insurance to companies as well, so those companies are just waiting to see what happens.
Alex Ossola: What is the risk for them if they jump into increasing production too quickly?
Benoît Morenne: Well, let's take the example of what it takes to add a new rig. That could take you maybe six weeks to contract for a new rig. And between the moment you do that and the moment that the rig is drilling for new wells, prices could have changed. You could be deciding to do that at $80 barrel oil, and then prices could drop down to 60 two weeks later, and then you're stuck with this rig that you've contracted for. So what analysts and CEOs are saying is that if prices reach something like between 75 and $85 a barrel, then you could see some changes, but you would need to see those prices for probably several months.
Alex Ossola: Oil prices have been on a rollercoaster over the past few years because of things like COVID and Russia's invasion of Ukraine. Has that given these oil companies a playbook for how to handle these kinds of situations?
Benoît Morenne: Their strategy is just to stay the course. There's only so much they can control, and they've done a really good job at cleaning up house in the past few years. They used to spend a lot of money. They lost billions of dollars outspending themselves, and companies have since embraced something that everyone calls capital discipline, which is that it's all about returning cash to shareholders, it's all about dividends, buybacks. And if anything, the volatility price is spiking, that's great for them to return even more cash to investors and then also lock in prices for future output.
• stay the course /steɪ ðə kɔːrs/ 方針を変えずに続ける
• control /kənˈtroʊl/ コントロールする、管理する
• clean up house /kliːn ʌp haʊs/ 組織・財務を立て直す
• outspend /ˌaʊtˈspend/ 使いすぎる、支出が収入を上回る
• embrace /ɪmˈbreɪs/ 積極的に採用する
• capital discipline /ˈkæpɪtəl ˈdɪsəplɪn/ 資本規律（投資や支出を厳格に管理する方針）
• return cash to shareholders /rɪˈtɜːrn kæʃ tuː ˈʃerˌhoʊldərz/ 株主に現金を還元する
• dividend /ˈdɪvɪdend/ 配当
• buyback /ˈbaɪbæk/ 自社株買い
Alex Ossola: What is the impact that this has on American consumers? Are we just stuck paying more at the pump?
Benoît Morenne: So oil is a global market. What happens in the Middle East is going to have ramifications for U.S. consumers at the pump. That being said, rising old production and the steadiness that defines the U.S. oil and gas industry now is providing sort of a buffer between consumers and price spice, because if it weren't for the industry's ability to keep producing through high and low prices, you could see even higher gasoline prices.
- ramifications /ˌræməfəˈkeɪʃənz/ 影響、余波
ramify（枝分かれする） → そこから
「出来事が枝のように広がって影響が出る」
Alex Ossola: That was WSJ reporter Benoît Morenne. Thanks, Benoît.
Benoît Morenne: Thanks for having me.
Alex Ossola: With the Strait of Hormuz effectively blocked, several thousand ships are stuck in and around the Persian Gulf. That's trapping about a fifth of the oil and liquefied natural gas the world consumes each day, and it's affecting the industry in the entire region. Storage tanks are filling up with oil that can't get shipped out, which means producers have to cut their output.
Coming up, the latest on oil prices and stock market moves. Plus, what's the corporate jargon that WSJ readers hate the most? We'll circle back and unpack that after the break.
Oil prices have stabilized, with Brent Crude, the global benchmark, unchanged today at around $81 a barrel. All three indexes gained today, with the Nasdaq leading and closing up 1.3%. Plus, the conflict in the Middle East has sparked inflation worries, driving up U.S. borrowing costs. Treasury yields have been falling for several weeks, but gains over the past few days have pushed the yield on the 10-year treasury note as high as 4.1%, disappointing many businesses and consumers who were hoping for lower borrowing costs.
• Treasury yield /ˈtrɛʒəri jiːld/ 米国債利回り
• Treasury note /ˈtrɛʒəri noʊt/ 米国債（中期国債）
債券が買われる 価格↑ → yield↓
債券が売られる 価格↓ → yield↑
危機が起きると
株 → 売る
米国債 → 買う
債券価格 ↑
yield ↓
債権のパターンは2種類
- 金融危機 買われる ↓ ＝危機 → 債券買い → yield ↓
- インフレ懸念 売られる ↑
3 (10年債利回り 3%) − 5(インフレ 5%) = −2% ->>債券を売る
More Americans are digging into their retirement savings because of financial emergencies. Vanguard says that last year, a record 6% of workers in 401k plans pulled out money via a hardship withdrawal. That's up from 4.8% in 2024. People take out money in hardship withdrawals for different reasons. In 2025, the top ones were to avoid foreclosure and eviction and to pay medical expenses. The median amount taken out was $1,900. Vanguard's analysis is just another data point showing a divergent economy. Most people are doing well and saving more for retirement, but some are going through financial stress. And for them, retirement accounts are an increasingly important source of emergency funds, even if taking out the money comes with penalties.
• dig into savings /dɪɡ ˈɪntuː ˈseɪvɪŋz/ 貯蓄を取り崩す
• hardship withdrawal /ˈhɑːrdʃɪp wɪðˈdrɔːəl/ 困窮時の特別引き出し
• foreclosure /fɔːrˈkloʊʒər/ 住宅差し押さえ
• eviction /ɪˈvɪkʃən/ 立ち退き
• median amount /ˈmiːdiən əˈmaʊnt/ 中央値の金額
median は「中央値」。
• divergent economy /daɪˈvɜːrdʒənt ɪˈkɑːnəmi/ 分断された経済
• financial stress /faɪˈnænʃəl strɛs/ 経済的圧力
And finally, do you find corporates speak to be sometimes needlessly vague? The business world today has a tendency to rely on buzzwords, but to people who hear them and to a lot of Wall Street Journal readers, it seems, that lingo can be unclear or cringeworthy or downright silly. Bill Power, who edits the Journal's stylebook, told us about the jargon that Wall Street Journal readers love to hate.
• corporate speak /ˈkɔːrpərət spiːk/ 企業特有の言い回し、コーポレート用語
• needlessly vague /ˈniːdləsli veɪɡ/ 不必要に曖昧な つまり「わざわざ曖昧にしている」
• lingo /ˈlɪŋɡoʊ/ 業界特有の言葉
• cringeworthy /ˈkrɪndʒˌwɜːrði/ 気恥ずかしい、見ていられない
cringe（ゾワッと恥ずかしい思いをする）から派生。
• downright /ˈdaʊnraɪt/ まったくの、完全に
• jargon /ˈʤɑːrɡən/ 専門用語、業界用語
• stylebook /ˈstaɪlbʊk/ 文体ガイド
• love to hate /lʌv tuː heɪt/ 嫌いだけど気になってしまう
Bill Power: What we did was we asked readers, what corporate jargon do you hate the most? So some of the ones are circle back, reach out. One reader said, "It sounds like you're making a physical effort to grab somebody. Why can't you just say contact?" Leverage, move the needle, hit the ground running, growth mindset, take a 10,000-foot view, juice isn't worth the squeeze. I'll give you a couple more: negative growth, put a pin in that, socialize, deep dive, decisioning, change agent, bandwidth. People don't like utilize. Why don't you just say use? Why do you use a fancy word or phrase or overuse it when a direct word works just as well?
Alex Ossola: Bill says that there are different reasons people fall back on jargon.
• corporate jargon /ˈkɔːrpərət ˈʤɑːrɡən/ 企業用語、ビジネス特有の言い回し
• circle back /ˈsɜːrkəl bæk/ 後でもう一度話題に戻る
• reach out /riːʧ aʊt/ 連絡を取る
• leverage /ˈlɛvərɪʤ/ （資源などを）活用する
• move the needle /muːv ðə ˈniːdl/ 状況を前進させる
• hit the ground running /hɪt ðə ɡraʊnd ˈrʌnɪŋ/ 最初から全力で始める
• growth mindset /ɡroʊθ ˈmaɪndset/ 成長志向
• take a 10,000-foot view /teɪk ə ˈtɛn ˈθaʊzənd fʊt vjuː/ 俯瞰して見る
• juice isn't worth the squeeze /ʤuːs ˈɪzənt wɜːrθ ðə skwiːz/ 労力に見合わない
• negative growth /ˈnɛɡətɪv ɡroʊθ/ マイナス成長
• put a pin in that /pʊt ə pɪn ɪn ðæt/ いったん保留にする
• socialize /ˈsoʊʃəlaɪz/ （社内で）共有する
• deep dive /diːp daɪv/ 詳しく検討する
• decisioning /dɪˈsɪʒənɪŋ/ 意思決定プロセス
• change agent /ʧeɪnʤ ˈeɪʤənt/ 組織変革を推進する人
• bandwidth /ˈbændwɪdθ/ 対応できる余力
• utilize /ˈjuːtəlaɪz/ 活用する（use の堅い言い方）
• fall back on /fɔːl bæk ɑːn/ ～に頼る
Bill Power: Some of these phrases were kind of fun the first time they were used, but the fact that they're used over and over, they sort of become a crutch for people. There's a long tradition of using jargon or cliches either to sound smart or, won't be quite as mean about it, is that it just phrases people hear out there, and they just can't help it. It just comes into their head and they spit it out.
- become a crutch /bɪˈkʌm ə krʌtʃ/ 頼りきりになる、思考停止の便利な言い回しになる
Alex Ossola: And that's What's News for this Wednesday afternoon. Today's show is produced by Pierre Bienaimé with supervising producer, Tali Arbel. I'm Alex Ossola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ: Mar 05 2026