By Miles Yu, Geostrategy-Direct.com

Exactly 300 years after the Treaty of Utrecht settled the century-long royal spat between Spain and England, the last remaining territorial issue between the two countries flared up again in recent weeks.

At issue is the sovereignty of Gibraltar which overlooks the vital isthmus connecting the Mediterranean and the Atlantic.

Gibraltar is a self-ruled territory that was given to the British in perpetuity in the 1713 Treaty of Utrecht that ended the Spanish Succession War.

However, in modern times, Spain has not given up its claim to the 2.6 square mile tiny fortress that guards the Strait of Gibraltar.