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Citing sources close to the Gibraltar Chief Minister Fabian Picardo, the Sun releases a news report saying that the Royal Marines will release Iranian oil tanker on Thursday in hopes of ending a month-long stand-off.

The report further mentions that the 15,000-tonne ship was seized by a team of Royal Marines as it passed through the British territory’s waters on July 4 for trying to bust European sanctions and take oil to Syria.

“There is no reason to keep Grace 1 in Gibraltar a moment longer if we no longer believe it is in breach of  sanctions against the Syrian regime,” the report quotes the sources.

FX implication

While receding fears of the UK-Iran tension will have a negative impact on Crude Oil and safe havens, no immediate market reaction was witnessed to the news.