If oil became worthless (hard to imagine)
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Not really. However it would never become worth zero, just worth very little compared to today.
Advances and discoveries in natural gas and nuclear would do that very easily. If every country starts fracking for nat gas and starts building thorium reactors, the mid east would go broke very fast.
But over-run europe? no, europe would not allow that. They would over run africa first. Africa has raw materials and slave-like labor and lots of ground for farming. Africa would be the logical path for arab nations to save themselves from starvation. If there is to be a war as a result of the arabs becoming poor and going hungry, it will occur on the african continent.
Wow, I never even thought of that! It is hard to imagine Africa as having enough resources to be worth taking militarily given their lifestyle.
Keep in mind, I was going to have Europe be taken over without a shot being fired. It seems to me that they are welcoming a Muslim takeover via immigration.
At any rate, Africa just made it into the book. I was just going to use Egypt, but that would be a poor use of MY resources.
Airplanes, ships, trains, and small engines would be hard to operate on anything but petroleum.
I would see oil dropping 50 to 70 percent.