How to open port on EC2 to allow api requests from external ips

Hello. I am new to EC2. I am trying to make fastapi requests to my EC2 instance from an external ip address (my VM). I started a python docker container on my EC2 instance sudo docker run --name <container_name> -p 5000:5000 -itd python:latest bash. Then inside that container I ran the following script:

from fastapi import FastAPI

app = FastAPI()

@app.get("/")
async def root():
    return "Connection successful and operates on port 5000"

I then run this script with uvicorn main:app --port 5000 in the terminal of the container.

When I try to make an api request from inside the terminal of the container using requests.get('http://localhost:5000') I received the response I expect ("Connection successful and operates on port 5000").

But when I try to make the same request from my VM (external ip), using requests.get('http://3.17.184.122:5000') I always get the error

raise ConnectionError(e, request=request)
requests.exceptions.ConnectionError: HTTPConnectionPool(host='3.17.184.122', port=5000): Max retries exceeded with url: / (Caused by NewConnectionError('<urllib3.connection.HTTPConnection object at 0x7f94332f45e0>: Failed to establish a new connection: [Errno 111] Connection refused'))

I tried to add an inbound rule on the defaul security group to allow tcp access on port 5000, which did not help. I also tried to allow access from all traffic, which also did not help.

Please advise as far as what I am missing. Thank you.