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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 percent this week, but U.S. drillers aren't rushing to pump more.

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.

And why record numbers of workers are pulling money out of their retirement accounts for

emergencies. It's Wednesday, March 4th. I'm Alex O'Seuf 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.

Thank you. That'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 Hegsef 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, Hegset provided a new timeline for the duration of the war.

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, you know, you can save four weeks, but it could be six,

it could be eight, it could be three. Ultimately, we set the pace and the tempo.

The conflict risks drawing in NATO allies. Today,

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