[News Today] Korean ship yet to be towed from Hormuz

[LEAD]

The 'Namu' remains anchored in the Strait of Hormuz, waiting to be towed from the accident site.

With the standoff between the United States and Iran continuing, vessels stranded in the area are growing increasingly uneasy. But with the ceasefire between Washington and Tehran still holding, global oil prices have fallen sharply.

[REPORT]

The Korean-flagged ship 'Namu', which is anchored in the Strait of Hormuz in the area where the accident occurred.

It is expected to arrive at Dubai Port about eight hours after towing begins.

Dubai Port is geographically the closest at this point. It can also accommodate large vessels and there are repair facilities nearby.

Meanwhile, one U.S.-flagged ship that was stranded in the Strait of Hormuz has been found to have successfully exited the strait under U.S. military escort.

It's the vehicle carrier Alliance Fairfax operated by the Danish shipping company Maersk.

Two of the five U.S. vessels that had been stranded in the strait since the start of the Middle East conflict have now escaped, while three others remain.

Currently, some 2,000 ships and 20,000 crew members are still stranded in the Strait of Hormuz.

They are all cautiously watching Iran's hardline stance.

Many of the ships have escaped the control zone re-established by Iran in the strait and moved toward waters near Dubai or further toward Abu Dhabi.

Approaching the strait has become difficult because Iran keeps expanding its control zone.

Meanwhile, international oil prices have plummeted nearly 4% amid highly volatile market conditions as the U.S. says the ceasefire remains in effect despite the standoff with Iran.