US President Donald Trump said "respect" from Iran would be key to sustaining peace after the end of the Iran-Israel war, expressing optimism about fully reopening the Strait of Hormuz to create "an oil gusher".

"As long as they respect us, I don't want to use the word fear because that's an inappropriate word, but as long as they respect us, we're not going to have any trouble," Trump told reporters at his Oval Office on Monday.