Iran live updates: Trump says framework of Iran peace deal to be announced shortly

President Donald Trump once again downplayed the war's economic impact on Americans on Tuesday, saying that the financial setbacks are "peanuts" compared to the chance of Iran having a nuclear weapon.

"Everything's going good. I'm sorry, but we have to go down and take a little journey down to --we have to do something with Iran," Trump said in response to a question about high gas prices during an event showing the construction of the White House ballroom. "We cannot let them have a nuclear weapon. You want to see the world exploded? You want to see a problem? And this is peanuts."

The president, who has brushed off concerns about high prices, said "I appreciate everybody putting up with it for a little while. It won't be much longer."

He said that Americans "fully understand" his decision to carry out the war in Iran, adding that an abundance of oil is coming to the U.S. to quell concerns.

President Donald Trump said he was in "no hurry" to finalize a peace deal with Iran, 12 weeks into the war, while speaking with reporters on Wednesday.

Trump suggested he would not consider making a "limited deal" with Iran that is just focused on reopening the Strait of Hormuz.

"We're going to give this one shot," Trump said about a peace deal, ruling out the idea of a partial compromise.

"I'm in no hurry. You never think, 'Oh, the midterms, I'm in a hurry.' I'm in no hurry," he said.

Trump was also asked if he thought it was taking longer than he expected it would to make a deal with Iran and he responded by comparing this war to other wars.

"You were in Vietnam 19 years. You were in Afghanistan, and these other places, 10 years. You were in Iraq. How long were you in Iraq? 12 years. You were in Korea for seven years. World War II is different -- that was four years. I'm in for three months, and much of it's been (a) ceasefire," Trump said.

Iranian Foreign Minister Abbas Araghchi said in a post to social media on Tuesday that Tehran is preparing new military capabilities in the event that war with the U.S. and Israel resumes.

"With lessons learned and knowledge we gained, return to war will feature many more surprises," Araghchi said, referring to the first round of fighting which began with joint U.S.-Israeli strikes on Iran on Feb. 28.

An Israeli military official told ABC News on Wednesday that the country is "monitoring closely the talks between the U.S. and Iran."

The Israel Defense Forces, the official said, "is in constant contact with our U.S. counterparts. The IDF has various operational plans and we are prepared for all scenarios."