WASHINGTON. President Donald Trump says he's playing it cool with Iran — letting the crumbling regime twist in the wind while its economy goes up in flames.

In a candid phone call with Axios on Sunday, Trump revealed the US is “low-keying it” with Tehran, backing away from ordering more military strikes and instead letting economic pressure do the talking.

“We are low-keying it,” Trump said. “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.”

It's a striking pivot from just a week ago, when Trump was threatening to hit Iran hard — only to back off as he presses for a deal to end the war he launched alongside Israel on February 28.

IRAN ON THE ROPES

The president stressed that Iran is “in very bad shape” economically and has no money to pay its own troops. The US naval blockade has squeezed the regime's lifeline, exacerbating an economic crisis that shows no sign of easing.

When Iran isn't engaged in war, it is forced to confront a grim reality with no real solutions at hand, a US official said.

Trump didn't express any frustration with Iran's delaying of an agreement to open up the Strait of Hormuz — the chokepoint whose blockage since the war began has sent fuel prices soaring and rattled the world economy.

That pressure is mounting on the Trump administration as midterm elections in November draw nearer.

OIL DOWN, PAIN EASING

But Trump says there's a silver lining for American consumers: oil prices are falling.

With crude down to slightly over $75 a barrel, the president says Americans are feeling less pain from the war — and he's content to let the economic vise tighten on Tehran rather than escalate militarily.

Around 8 million barrels of oil are flowing out of the Gulf every night through the southern lane of the Strait of Hormuz in coordination with the US military, a US official said. Washington plans to push even more oil through as long as no deal is reached.

'LIKE A CHESS GAME'

Trump brushed off any suggestion that the standoff is spiralling, framing the back-and-forth with Tehran as a slow-moving strategic contest.

“It will work out. It always works out. It's like a chess game,” Trump said of US dealings with Iran.

The president's bet is that patience — and economic pain — will bring Tehran to the table on Washington's terms, without another round of American firepower.

Whether Iran blinks first remains to be seen. But for now, Trump is content to watch and wait — and let the regime's economy do the talking.