Alternatives could address the oil shortage but risks abound, some experts said.
The United States and Iran have reached an initial agreement to open the Strait of Hormuz and further extend a shaky ceasefire in the Iran war, potentially allowing desperately needed oil and natural gas to reach the global market.
The IRGC said U.S. forces attacked Sirik island.
Earlier, Trump said he read a draft of an Iran peace deal.
"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.