I agree with you - but only to a point. The deception is very strong. VERY strong. The phrase is such as to suggest that it even may cause the weak among the elect to waiver (if it were possible).
There are none here that would be impressed by Islam, no matter what they do - and that is assuming 'here' is a fair cross-section of the qualified elect (I think it is a liberal position to declare everyone here among the elect). This is not a strong delusion. It deludes the heathen, and it deludes those not serious or educated in their faith (those who are not armored) in syncretism (chrislam), but it is laughable doctrine to those who have even a passing knowledge of the Bible (despite our wide and varied differences).
However, I can imagine a sinario where say Mecca and Medina are smoking ruins and the new head or focal point of Islam comes out and presents a different face. I could see where this person admits to the wrongs of the "former" Islamic structure and provides security and food and water to those in need. Combine that with a "false prophet" who does things like brings water from rocks or calls fire down from heaven, many people can be mislead by this kind of "new face" of Islam.
One can imagine any number of scenarios, but that is just imagination, and not yet made tenable by observable and historical fact. And further, while the OP does raise some comparisons to the whore, there are many that are left out (where are her daughters, this 'mother' of harlots?).
And the OP suggests a cup full of oil, while the Bible clearly demonstrates a cup full of fornications. The premise is a seduction of the kings of the earth by the means of false doctrines and syncretisms (lying with other 'gods' yet calling herself 'of YHWH'), not by the means of addiction to oil, or by attraction to her wealth. It is her abominations that are the focus, and these are her seductions that woo her lovers.
And again, the OP suggests the colors she wears point to Saudi royalty, which I find to be preposterous - these colors are the colors of the Levitical priesthood - Except that one color is missing - and that is the relevant clue. An Old Covenant search for the meaning of this will be greatly rewarded.
In concluding, I would submit that Islam is in contention for this title, but I find it very unlikely that she will finally be able to fit all of the descriptors of the whore- and missing any one of those descriptors would quickly discount her as ineligible.