Does this timeline make Operation Pike more likely?
Short answerPossibly, because an Allied-held Crete would put Caucasus oil targets within much more practical heavy-bomber range.
NotesOperation Pike depended on having heavy bombers within practical reach of the Caucasus. If the stronger Mediterranean position helps Britain retain Crete, the island can serve as a forward air base rather than an Axis-held barrier. The Caucasus falls within heavy-bomber range from there. The operation is still uncertain, but the altered geography removes one of its important practical obstacles.