Now that the region is thoroughly destabilized, that may well be our best option.
Having thrown away in a few years what took 100 years or more to put in place (counting the British and French efforts) we must strengthen the things that remain.
If we turn our back on Israel we are clearly lost.
I think we may even have to go further and let Israel retake the Sinai. I think Europe might be willing to get on board once they realize how much it will cost them to lose the canal.