A United Nations agency paused the evacuation of ships through the Strait of Hormuz on Thursday after the British military said a vessel was hit by a projectile.
"For Iran, the Clock is Ticking," Trump said.
President Trump said on Monday that he would like to temporarily suspend the federal gas tax as prices soar due to the war in Iran.
The Department of Justice is investigating a series of suspiciously timed trades in the oil market just ahead of major announcements by President Donald Trump and a top Iranian official about the war in Iran, sources told ABC News.
The average price for a gallon of regular unleaded gas across the country jumped to $4.54 on Wednesday.