European imports of crude oil from the Middle East are falling amid continued tension in the Red Sea off the coast of Yemen. Luckily, there is an alternative: the Atlantic Basin. Asia, meanwhile, seems only too happy to take in more oil from the troubled Middle East—at the expense of Atlantic Basin oil. A split is developing in oil markets, and it's anyone's guess how long it will remain in place with the oil market dynamics it brings with it. When the Yemeni Houthis began attacking ships in the Red Sea back in November, it seemed like a…
