Is it not ironic that Dulles pulled the rug from under GB when it was attempting to tackle Muslim insurgency in the form of Nasser in 1956. Britain the nation whose power and influence held sway in the Middle East was forced into a humiliating climbdown, withdrew its forces from the Middle East and Aden, allowing Saddam and the rest to come to power. Note that GB did not get involved in Nam which when you think the Brits have always stood by the Yanks could well have been rooted in the events of Autumn 1956. Are we in the west and the members of the US and UK armed forces suffering in 2004, because of the actions of a man who hated GB and her imperial past 48 years ago?

attempting to tackle Muslim insurgency in the form of Nasser in 1956

Nasser was not "muslim insurgency". He was an Arab-Socialist, and wastrying to unit the arab world around him by picking on Israel. He had to take over Suez to do it...

A problem, a bargaining tool and a bone of contention. The Suez has been all of those. It rests entirely in Egypt's hands (because Israel gave up their side along with the Sinai in exchange for peace agreements), so it won't be a major bone of contention until Egypt picks another fight.