Waltz says Trump is using Iran's own oil strategy against itself to drive down global prices

U.S. Ambassador to the United Nations Mike Waltz said the Trump administration is working to blunt rising oil prices by allowing Iranian crude already at sea to be sold, a move he described as turning Tehran's own strategy against it.

Treasury Secretary Scott Bessent first outlined the approach, saying the administration could temporarily lift sanctions on roughly 140 million barrels of Iranian oil loaded on tankers, adding supply to global markets rather than intervening directly in oil futures.

Waltz said those shipments - previously bound largely for China - could instead be redirected to other countries, while existing financial sanctions remain in place.

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"Now they can go to places like India, Bangladesh or elsewhere," Waltz said on "Sunday Morning Futures."

"The sanctions on the banks are still in place, so we do not anticipate Iran sees any of that money. This is actually, as the secretary said, using their strategy against them," he added.

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Waltz said the regime's strategy is to "sow chaos" by attacking its neighbors and attempting to "hold the world's energy supplies hostage" after suffering significant military setbacks.

"This is… one more step to defeat that strategy on top of drill baby drill here at home, a waiver to the Jones Act, which allows ships to move between ports," he said. "We are going to defeat this strategy. It will be temporary on the part of Iran and, at the end of the day, the United States and our global coalition will prevail."