We probably should have backed England and France when they attempted to stop the theft of the Suez Canal.
We didn’t, and the power of Islamic Oil has been growing ever since.
Yes, I know that Egypt did not have oil. That wasn’t the point. Abiding by existing treaties and contracts was.
The Saudis and others in the region stole the oil technology and oil they had signed extraction contracts for after that, and their power began to grow.
Of course, the Soviets were a major player then.
Nope on the Suez. We lost enough people in WWII trying to preserve the colonial possessions of the Brits rather than going for the fastest possible kill of the third reich.