For the past century, the most important question asked by people in the middle east has been, "Why does the West have so much, and we have so little? Why are we always defeated politically, unable to rise to the stature of the West in every way?"
In the decades the followed the fall of the Ottoman empire), Arab nationalism ascended, and it answered this question with, "socialism and the formation of mighty nation-states will allow us to gain parity with the West materially, and then surpass it". For a multitude of reasons, this movement delivered neither military success nor material prosperity and became increasingly abandoned following the humiliation of the Six-Day War in 1967.
The replacement for Arab nationalism was a sharp turn toward religion on every topic, and in every aspect of life. The question became, "the West has material prosperity, but that is fleeting and an affront to God. furthermore it is no replacement for the riches of the hereafter."
This shift was no random accident - in fact, it was decades in the making prior to 1967. For more on that, read about the life and times of Sayyid Qutb. Prior to his death in 1966, he played a crucial intellectual role in shaping the Muslim Brotherhood.
An account of these shifts defies explanation in simple economic and/or material terms. Crises serve only to create gaps for whatever ideology has already taken root to rise to the fore. Ideology itself, that is, answers to pressing questions of the day, and coherent, integrated views of the world (even if they are wrong), is what ultimately drives all historical events, not the other way around.