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

"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.

"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."