I must say I’d love to spread communism into Africa, but so far it has only been a theory for me.
With heavy German airsupport, Italy can grab Alexandria It1.
Italy Always has a 1 turn window of opportunity for an attack in Africa in the med It2, so that can be Egypt if they can take Alexandria It1. UK must at least prevent a crushing defeat if the Germans launch a surprise Sea Lion, so anything really aggressive in the med, even a ‘Taranto’, may just be too much for the UK.
Therefore, imho, UK has few good options when German heavy airsupport and an Italian march forward into Alexandria can be expected (know thy enemy ;-)):
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UK stacks Alexandria heavily so that Italy cannot take it It1, and retreats into Egypt UK2.
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UK takes Tobruk to eliminate Italians.
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UK takes Ethiopia to eliminate Italians.
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UK takes Persia UK1.
The first two options will (most likely) result in the loss of the local TRS and make spreading communism into Africa less likely (it takes a long time for Russia if the UK cannot annex NW Persia UK2). Remember you cannot blitz through friendly neutrals and thus Russia can only attack Iraq RU4 on a GE3 DOW.
It will, however, guarantee the safety of Egypt (I do not take dice swinery into account).
I have no experience with the 3rd option. It seems to me Egypt will still be in grave danger (albeit temporarily), Russia cannot attack Iraq RU3 (given the GE3 DOW), but the TRS lives.
Only the last option will give Russia the optimal attack on Iraq (RU3), the TRS lives, but Egypt will have to be handed over to the Italians temporarily.
This is my personal experience. I think I have an unhealthy idea that Egypt should NOT fall into axis hands so I Always opt for either of the first two options…
I guess it is a matter of preference and I think taking Persia, giving up Egypt temporarily and thus allowing Russia an optimal attack on Iraq may be well worth it!