Trump also rejected an Iranian proposal to reopen the Strait of Hormuz to commercial shipping within seven days.
The US president said Iran wanted an immediate agreement to reopen the strategic waterway, while claiming that the United States already had full control over the Strait of Hormuz and that significant quantities of oil were continuing to pass through the area.
Trump said the United States was interested in reaching an agreement with Iran but described Tehran’s proposal as unacceptable.
The comments come amid continuing tensions over the Strait of Hormuz and efforts to find a diplomatic solution to the conflict between Washington and Tehran.
The report said Trump has previously linked the timing of an end to the conflict with the US midterm elections, while the latest remarks suggest that the possibility of renewed military action remains under consideration after the elections.
Iran has meanwhile been seeking conditions for reopening the Strait, a strategically important route for global energy shipments.