Yes - that is a huge part of it, and dating all the way back at least to the CIA-backed overthrow of Mosaddegh.

Middle Eastern oil wealth administered by stable and rational governments would be a direct threat to western hegemony so the US has long had a vested interest in destabiliziing the Middle East, and has long pursued that exact goal.

And yes - Israel is key to that.

None of which makes any of it any less insane.