Four U.S. Troops Killed in Iraq Plane Crash

Summary

WSJ What’s News – AM Edition: Four U.S. Troops Killed in Iraq Plane Crash

Date: March 13, 2026
Host: Luke Vargas, The Wall Street Journal

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Episode Overview

This episode covers the top breaking news stories for March 13, 2026, with a focus on intensifying U.S.-Iran tensions, the tragic loss of four U.S. Air Force service members in Iraq, changes to Russia oil sanctions, ByteDance’s strategic AI moves with Nvidia, surging U.S. employer health costs, and a quick look ahead to the Academy Awards. The discussion offers real-time analysis with insights from WSJ reporters and global correspondents.

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Key Stories and Discussion Points

1. U.S.-Iran Tensions & U.S. Service Members Killed (02:17)

• Plane Crash:

  • Four U.S. Air Force members died in Iraq after a KC-135 refueling plane crashed, reportedly mid-air colliding with a second aircraft, which landed safely.
  • These are the first U.S. Air Force losses of the current conflict.
  • Mounting rhetoric as conflict enters its second week.

• Escalating Rhetoric:

  • President Trump posts on Truth Social:
    • “The US has unparalleled firepower, unlimited ammunition, and plenty of time.” (02:34, Trump via B)
    • Referring to Iranian regime: “Watch what happens to these deranged scumbags today.” (02:34, Trump via B)
  • Iranian National Security Official Ali Larajani responds:
    • “Starting a war is easy, but ending it won’t happen with a few tweets. We will not let off you until you accept your mistake and pay the price for it.” (02:56, Larajani via B)

• Israel’s Shift in War Messaging:

  • Early in the conflict, U.S. and Israel called for Iranian regime change.
  • New Tone: Now focusing on degrading military capability rather than regime change.
  • Anat Peled (WSJ Correspondent):
    • “It doesn’t seem like this is the moment to go for that [regime change]. … People are very scared in Iran. … The security forces are present on the streets. There’s threats. There’s just a lot of fear.” (03:34-04:26, E)

Notable Quote

• Anat Peled (WSJ):
  • “It’s very likely that Trump could end this war at any moment. He can be unpredictable, as we know, and Israel is fighting as if every day is the last.” (04:40-05:25, E)

Tension in Coordination

• U.S. told Israel not to repeat unapproved strikes on oil depots (04:40), highlighting emerging divergences between allies’ tactics.

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2. U.S. Eases Russian Oil Sanctions (00:55–02:17)

• The U.S. Treasury allows limited purchasing of Russian oil already at sea until April 11 to curb global price pressure.
• Thomas Grove (WSJ):
  • “The priority in Washington is to make sure there’s enough oil on the market to keep prices low ... more important right now than preventing Russia from gaining additional revenues …” (01:33, D)
  • Confirms long-term sanctions remain but hints at re-evaluation if war and prices persist.

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3. ByteDance, Nvidia, and the AI Arms Race (05:31–07:22)

• ByteDance (TikTok’s Parent) seeks Nvidia’s Blackwell AI chips outside China due to U.S. export controls:
  • “Central to the American and Chinese geopolitical competition is this contest over AI ... the best chips, these super powerful Nvidia chips cannot be sold directly to China.” (06:45, C)
  • ByteDance partners with Aolani Cloud to use Blackwell chips in Malaysia in a $2.5 billion arrangement.
  • This move helps ByteDance circumvent restrictions and fuel AI R&D (07:22).

Notable Context

• ByteDance owns five of the world's top 50 AI consumer apps (by monthly active users) per Andreessen Horowitz.

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4. U.S. Employer Health Insurance Costs Surge (08:23–10:32)

• Companies face a 9.5% jump in health insurance expenses, the largest in 15 years.

• Jennifer Williams (WSJ Reporter):

  • “There are just higher prices for care, expanding use of services, and pricey prescriptions, including GLP1s used for both weight loss and diabetes.” (08:48, G)
  • “Executives are considering more significant action like self-insurance or more aggressively managing their prescription costs…” (09:18, G)

• Impact on Employees:

  • “I spoke with someone … about the tradeoffs that employees are also having to make, which is as extreme as do I buy my groceries or do I go see a doctor or buy prescriptions for my kids?” (09:59, G)

Notable Quote

• “Their [Costco’s] costs had increased more significantly and at a faster pace than sales, which was not something they tend to see.” (09:59, G)

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5. Other Headlines (Market & UK Economy) (05:31–06:45)

• US Dollar: Hits a 3+ month high as global investors seek safety.
• Euro: Falls to a 7-month low.
• UK Economy: Unexpected stall in January; annual growth forecast now at 1.1%.

6. Academy Awards Preview (10:32–12:21)

• Discussion with producer Hattie Moyer:
  • Paul Thomas Anderson’s “One Battle After Another” cited as a must-watch.
  • “Sinners” starring Michael B. Jordan as twins — record 16 Oscar nominations.
  • “Secret Agent”: Brazilian low-budget film recommended for parents with little free time.
  • Guillermo del Toro’s “Frankenstein” described as true to the novel and easy to pause for family needs.
• Parental Warning: “Avoid ‘Hamnet’ if you’re a young parent—it’s the saddest film in the world.” (11:57, H)

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Notable Quotes

• Thomas Grove (WSJ Correspondent):
  • “There is a whole universe of sanctions on Russia and Russian oil ... Those aren’t being lifted.” (01:33, D)
• Anat Peled (WSJ):
  • “Israeli officials basically think that the conditions are not ripe on the ground yet for regime change.” (03:34, E)
• Jennifer Williams (WSJ):
  • "Experts are saying that executives are considering more significant action like self-insurance or more aggressively managing their prescription costs.” (09:18, G)
  • “Tradeoffs that employees are also having to make...do I buy my groceries or do I go see a doctor or buy prescriptions for my kids?” (09:59, G)
• Luke Vargas (Host):
  • “I haven’t watched a single award nominated film ... My wife and I used to make a tradition of this. ... But we have a baby now. Maybe people can relate.” (10:44, B)

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Important Timestamps

| MM:SS | Segment | |-------|----------------------------------------------| | 00:55 | U.S. eases Russian oil sanctions | | 02:17 | Iraq plane crash – 4 U.S. troops killed | | 03:34 | Anat Peled: Israel backs off regime change | | 04:40 | Split between U.S. and Israel tactics | | 05:31 | Market update: Dollar high, UK stalls, Apple | | 06:45 | ByteDance’s AI ambitions with Nvidia chips | | 08:23 | DHS shutdown, health insurance cost surge | | 10:32 | Academy Awards preview with Hattie Moyer |

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Overall Tone & Takeaways

• The episode is fast-paced and urgent, mirroring the high-stakes news cycle, and offers a balance between quick-hit headlines and deeper expert analysis.
• The tone remains factual and analytical, with occasional moments of levity during the Oscars preview and personal anecdotes from the host.

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Conclusion

This episode delivers a concentrated briefing on escalating geopolitical tensions, impactful domestic policies, global business maneuvers, and cultural highlights for the weekend listener.
For more detailed reading, listeners are directed to WSJ’s special coverage and reviews in the show notes.

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Transcript

[A]

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[B]

Iran and the US intensify their war rhetoric yet again. Plus TikTok's parent company gets access to Nvidia's top AI chips as it pushes a global expansion.

[C]

They've struggled to acquire the amount of compute they need in order to push at the frontiers of AI and Nvidia's Blackwells are top chips and they're after them.

[B]

And US Employers stare down the biggest annual jump in health insurance costs in a decade and a half. We'll look at how they plan to cope. It's Friday, March 13th. I'm Luke Vargas for the Wall Street Journal and here is the AM edition of what's news, the top headlines and business stories moving your world Today, The US Is easing sanctions on Russian oil. In a move that's designed to boost supply and ease price pressures, countries will be allowed to purchase Russian oil that's already at Sea until April 11. I Journal Correspondent Thomas Grove what to make of the policy shift?

[D]

Treasury Secretary Scott Bessant said in a post on X that the sanctions exemption is a narrowly tailored short term measure and he says that it shouldn't provide a lot of economic benefit to Russia in the long term. This certainly shows us that the priority in Washington is to make sure that there's enough oil on the market to keep prices low. And that's more important, I think, to Washington right now than preventing Russia from gaining additional revenues that are feeding its war right now in Ukraine. But with that in mind, of course there is a whole universe of sanctions on Russia and Russian oil and that goes from the banks to the companies involved to the people as well. And those aren't being lifted. But of course, if the war drags on, prices continue to rise. We have to look at those as well and see if those could be lifted too.

[B]

Four US Service members have been confirmed dead after a US Air Force refueling plane crashed in Iraq yesterday. Initial reports suggest that the KC135 Strato tanker was involved in a mid air collision with a second plane that landed safely. The fatalities marked Mark the first US Air Force losses during the war. Meanwhile, as the war approaches the two week mark, President Trump and Iranian officials are continuing to dial up their rhetoric. Posting on Truth Social, Trump warned that the US has unparalleled firepower, unlimited ammunition, and plenty of time. And speaking of the Iranian regime, Trump added, watch what happens to these deranged scumbags today. For their part, officials in Iran believe that Trump is feeling the heat from global markets and say their leaders aren't interested in surrendering. National security official Ali Larajani said yesterday that starting a war is easy, but ending it won't happen. With a few tweets. We will not let off you until you accept your mistake and pay the price for it. Well, as the US And Iran appear to be sticking to their war goals, the Journal's Anat Peled told us that Israel is for the first time publicly acknowledging that regime extreme change in Iran may be unlikely.

[E]

So President Trump and Israeli Prime Minister Benjamin Netanyahu began this conflict calling on Iranians to take control of their country in speeches on the very first day. But since then, we've seen changing messaging. We've seen that in the U.S. when U.S. officials have increasingly focused on narrower goals of destroying the country's military capabilities. Now we're seeing a shifting tone in Israel. I think that was most clear in a speech that Netanyahu gave yesterday. It was his first press conference where he took questions since the start of the war, and he basically said that he couldn't commit to the idea that Iranians would be able to topple the regime. And what we understand now is that Israeli officials basically think that the conditions are not ripe on the ground yet for regime change. We understand also that people are very scared in Iran. The security forces are present on the streets. There's threats. There's just a lot of fear. So it doesn't seem like this is the moment to go for that.

[B]

Anat, if Israel is sort of backing off of that immediate regime change goal and protesters aren't flooding the streets just yet, is there a risk that Israel and the US Kind of begin to break rank in their desire to press the fight?

[E]

Here we are seeing differences that are emerging between the two countries. So we saw this very clearly in a set of strikes on oil depots that Israel conducted. And even though the US Was notified in advance, it told Israel not to do this again unless it was approved by Washington. And that made it very clear that there are differences despite very close military coordination. However, what I'M being told from Israeli officials is that it's very likely that Trump could end this war at any moment. He can be unpredictable, as we know, and Israel is fighting as if every day is the last. And yeah, they do have plans at least on the Israeli side to continue to kind of go and degrade the regime even after the war is over through other means such as economic means and covert operations.

[B]

Anant, thank you as always for the update.

[E]

Thanks for having me.

[B]

In markets news today, investors looking for safety have driven the US Dollar to a more than three month high and analysts are expecting further strengthening. The euro, meanwhile, is at a seven month low. The UK Economy stalled unexpectedly in January, a worrying sign as the global energy crisis threatens to strain household budgets. The country's budget watchdog earlier this month forecast yearly growth of just 1.1%, a slowdown from 2025. Apple is lowering the fees for digital sales in its Chinese app store from 30 to 25%, a move designed to defuse a regulatory showdown in its top overseas market. Despite the change, China remains one of Apple's priciest jurisdictions for consumers and developers. And TikTok's Chinese parent ByteDance is assembling computing power with high end Nvidia chips outside of China, circumventing US export restrictions. We've learned that ByteDance is working with a Southeast Asian company called Aolani Cloud on plans to use Nvidia's Blackwell chips in Malaysia at a likely cost of more than $2.5 billion. The Journal's John Emont says the computing power would be used to fuel ByteDance's AI research and development.

[C]

Central to the American and Chinese geopolitical competition is this contest over AI and who's going to dominate AI in more fields and sectors. And the challenge that ByteDance has is that the best chips, these super powerful Nvidia chips cannot be sold directly to China. So in order to have the best chance of competing, ByteDance and the other Chinese AI leaders do need to find a way to get this computational power that American export controls makes difficult. But I think as we are showing this article, not not impossible.

[B]

ByteDance currently operates five of the world's 50 most popular AI consumer apps by monthly active users, according to a recent ranking by Vent venture capital firm Andreessen Horowitz. Coming up, rising health insurance costs are forcing companies to get creative as they try to dull the pain for workers. And we'll take a look at the films competing for best picture at Sunday's Academy Awards. That's after the break.

[F]

This episode is sponsored by Morgan Stanley's Thoughts on the Market Today's financial markets move fast. Morgan Stanley moves faster with their daily podcast, Thoughts on the Market. Thoughts on the Market covers daily trends across the global investment landscape with actionable insights from Morgan Stanley's leading economists and strategists. And with most episodes under five minutes long, staying informed has never been easier. Listen and subscribe to Thoughts on the Market wherever you get your podcasts.

[B]

One month into the DHS shutdown and there's still no deal in sight. Funding remains stalled over Democratic demands for new restrictions on ICE operations, and lawmakers have now left Washington for the weekend, making no progress toward resolving the standoff. US companies are facing a roughly 9.5% surge in health insurance costs this year, the biggest rise in at least 15 years.

[G]

So there are a couple things that are pushing health care costs up for companies. There are just higher prices for care, there's expanding use of services and then pricey prescriptions, including GLP1s used for both weight loss and diabetes.

[B]

That's Journal reporter Jennifer Williams, who says that higher costs could result in reduced coverage companies covering costs themselves instead of using an insurance provider or asking their employees to pay more out of pocket.

[G]

Typical tactics used to lower healthcare costs for employers include, like changing plan designs, negotiating lower costs with vendors, and pushing some of those costs onto employees. But right now, given how high the costs are and that it's expected to stay that way, experts are saying that executives are considering more significant action like self insurance or more aggressively managing their prescription costs. And that's particularly where the GLP1 consideration comes in.

[B]

While health care costs typically rise annually, Jennifer reports that CFOs are now noting an intense shift in how those expenses

[G]

what I first heard from Costco last December is that their costs had increased more significantly and at a faster pace than sales, which was not something they tend to see. I spoke with someone who works at a nonprofit consumer healthcare advocacy organization about the trade offs that employees are also having to make, which is as extreme as do I buy my groceries or do I go see a doctor or buy prescriptions for my kids?

[B]

And finally, the Academy Awards are this Sunday. And to preview the Biggest Night in Film, I'm joined by our producer and film buff, Hattie Moyer. Hi Hattie.

[H]

Hi Luke. It's funny to be on this side of the microphone.

[B]

Yeah, haven't seen you in 10 seconds. It's good to be reunited. Let's talk about movies. I'm embarrassed to admit that for the first time since 2012, I haven't watched a single award nominated film. My wife and I used to make a tradition of this. We watched them all. But we have a baby now. Maybe people can relate. And we got half through one battle after another. It was great, but we had to hit pause for the night. That was a month ago. We haven't picked it up.

[H]

So you have a lot more to come in one battle after another.

[C]

My name is Bob Ferguson.

[B]

I don't know if you've ever heard of me.

[H]

All right. This is director Paul Thomas Anderson's biggest budget film that he's ever made.

[B]

Ghetto Pat, Rocket man, stuff like that.

[H]

Sinners is a wild ride. It's a film where Michael B. Jordan plays twins. And it's also broken records with 16 Oscar nominations. So that alone is an excuse to go and give it a watch.

[B]

Cause it's me. Open the door.

[A]

I thought you said he was dead.

[C]

He was.

[A]

I checked his pulse.

[B]

Okay, so if I have, let's say tonight and Saturday night to watch two films, maybe these are good ones to start with. But let's say we somehow find a little time Sunday afternoon. Where is my time best spent?

[H]

You've just had a kid, so I'm gonna say not Hamnet. Not Hamnet. Because that is the saddest film in the world.

[B]

That's a trigger warning. Avoid if you're a young parent.

[H]

Yes. So I would recommend the Secret Agent. Amazing Brazilian film. Lowest budget film in the best picture category. One more. Guillermo del Toro's Frankenstein. Three parts. It follows the book. So you can stop and start and feed the baby in the middle.

[C]

This much we have established. That is my name. My name is Victor.

[B]

Is there anything else that you can say? Anything? Patty, thank you very much.

[H]

Thanks so much for having me.

[B]

And to read what Journal critics had to say about this year's 10 Best Picture nominees, check out the link we've left in our show notes. And to convince me and fellow listeners to watch your favorite film of the year, sound off in our Spotify comments. I'll see you there. And that's it for what's news for this Friday morning. Today's show was produced by Hattie Moyer and Daniel Bach. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. Otherwise, have a great weekend. Enjoy your movies and thanks for listening. Foreign.

[C]

Hey, this is Telus Demos and I'm Miriam Gottfried.

[B]

We're reporters at the Wall Street Journal and The hosts of WSJ's take on the Week.

[E]

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[B]

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[C]

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[E]

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