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Admiral Raeder suggested a campaign to drive Britain out of the Mediterranean in 1941.
If adopted this would have involved attacks on Malta, Gibraltar and Egypt.

Malta

Malta should not be that hard a nut to crack and should fall in less than two weeks of the initial assault.

Egypt

Extra Panzer divisions and aircraft in Libya will mean Egypt will fall before the end of 1941.

Gibraltar

Gibraltar is some what more difficult and would require Spanish assistance.
In June 1940, after the defeat of France, the Spanish Ambassador to Berlin had presented a memorandum in which Franco declared he was "ready under certain conditions to enter the war on the side of Germany and Italy".
Which with the Germans not engaged against the Soviets and able to meet Franco's demands that he asked for Franco's Spain would have entered the war.
A British invasion of Western Spain may have then been attempted in South West Spain.
But German and Spanish troops and probably the Portuguese would defeat them.
Gibraltar would fall.

A further invasion of the Middle East would secure Axis Oil and risk that of the British Empire.
This would then bring Turkey into the war ready for a double fronted assault on the Soviet Union in May/June 1942.
It would all so pressure India from either side with the Japanese intervention in the war in late 1941.
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