Speaking at the Saudi-backed Future Investment Initiative summit in Miami, Trump said, “We’re negotiating now but they have to open it up,” referring to the vital maritime route that has been largely disrupted during the war.

The Strait of Hormuz, through which roughly one-fifth of global oil supply typically passes, has seen sharply reduced traffic since the conflict began, contributing to rising energy prices and global market uncertainty.

Trump said Iran was “on the run” and repeated claims that its military and nuclear capabilities had been significantly weakened, despite Tehran’s denials.U.S. Secretary of State Marco Rubio earlier warned that Iran could seek to impose a “tolling system” on vessels transiting the strait, raising concerns over long-term disruptions to global shipping.

Trump praised Mohammed bin Salman and other Gulf leaders from the United Arab Emirates, Qatar and Bahrain for what he described as efforts to promote regional stability.Calling the Saudi crown prince a “close friend,” Trump said Riyadh had played a constructive role in ongoing diplomatic outreach.

The U.S. president also questioned Washington’s commitment to NATO, suggesting the United States might reconsider its obligations if European allies continued to withhold support in the Iran conflict.

“We would have always been there for them but now I guess we don’t have to be,” Trump said, framing the issue as one of burden-sharing within the alliance.

The conflict, now entering its fourth week, has disrupted shipping through the Hormuz corridor, with only limited vessel movement reported amid heightened security risks and ongoing military activity in the region.