There are serious consequences to President Donald Trump pulling out of the Iran nuclear deal, Sen. Edward Markey, D-Mass., told CNBC on Tuesday.
Earlier in the day, the president announced the move, as well as the restoration of sanctions aimed at severing Iran from the global financial system.
"I don't see a plan, I don't see a strategy. I see a campaign promise which is going to be fulfilled," Markey said on "Closing Bell."
"The consequences here are quite serious not just for peace in the Middle East but also long term for the economy because the oil issue is going to loom larger as each day week and month goes by."
Oil pared its losses after the news but still closed down 2.4 percent for the day. However, analysts anticipate a prolonged crisis could push prices higher. Again Capital founding partner John Kilduff told "Power Lunch" earlier Tuesday that crude could go up to $85 a barrel, and could even hit $100 a barrel if there is an outbreak of hostilities.
The landmark 2015 nuclear agreement lifted sanctions on Iran that crippled its economy and cut its oil exports roughly in half. In exchange for sanctions relief, Iran accepted limits on its nuclear program and allowed international inspectors into its facilities.
"As we exit the Iran deal, we will be working with our allies to find a real, comprehensive and lasting solution to the Iranian threat," Trump said.
Those efforts will target Iran's ballistic missile program and its role in conflicts throughout the Middle East, according to Trump. The president also wants Europe to agree to a deal that would make permanent certain restrictions on Iran's nuclear program that expire in 10-15 years. He also pushed for more intrusive inspections.
Markey said Congress already gave Trump additional sanctions authority to deal with Iran's role in Syria, ballistic missile program and human rights violations.
"If he needs more sanctions authority he should come back to us. What he's doing, however, is he's taking an agreement which is being enforced and he's burning down the house in order to try to remodel the kitchen," Markey said.
"You don't take something that's working and destroy it in order to make some changes that are unrelated to that central deal," he added.
Markey said if Iran does start to pursue industrial enrichment of uranium, it would be thanks to Trump.
"It's a self-fulling prophecy, self-created crisis which Donald Trump by his own actions has created."
Markey thinks the agreement should be honored and the U.S. stay in a collation with allies, as well as deal with any problems identified with Syria or Iran's ballistic missile program.
"We don't have to create a crisis in the Middle East now that can spin out of control," he said. "We should be trying to use peaceful negotiation, building on what we've readily done in Iran in order to accomplish that goal."
— CNBC's Tom DiChristopher contributed to this report.