With 1 transport, Italy can eventually take Iraq, but a strong UK player will have a fleet left over there, and the situation is to the Allies advantage unless the Axis have kept or committed more resources than in a typical game to this region through some other channel.
Plus, its pretty slow moving; Syria I1, Iraq I2, Place Mic (with what Italian $$?) I3, Place first units I4 (again, with what $$? you’ve got jack)…
By I4, a strong UK player will have plenty of threat on the oil zone and your position is insecure, esp. when he already has 1-2 factories right next to you.
If on the other hand, the UK has virtually nothing left in that region (this is why I don’t counsel doing the T+T Tobruk+Taranto move, you lose all your Allied assets UK1), and the Italians somehow have more than anticipated on the water (2TT+), then by all means, kick open the Syrian door (this terr. is key because its placed such that you can shuck-shuck men there from Italy, land planes there, and can screen out egpyt, and can kill the UK NO by taking crete) and head for the oil, a few german planes can divert there for cover without requiring Germany to commit to a full afrika korps aid package.