Trump provided an update to the posture of U.S. forces in the region.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Following the announcement of a two-week ceasefire, initial U.S.-Iran talks in Pakistan earlier this month failed to reach a peace deal.
Trump later announced the open-ended extension of the ceasefire and the continuation of the blockade until Iran's proposal is submitted and discussions are concluded "one way or the other."
The Pentagon's comptroller, Jay Hurst, told members of Congress that the cost of the Iran operation so far has been $25 billion.
It's the first public accounting disclosed by the Pentagon.
"At this day, we're spending about $25 billion on Operation Epic Fury. Most of that is in munitions," Hurst said during a House hearing on the Pentagon's budget request on Wednesday.
-ABC News' Steve Beynon and Chris Boccia
President Donald Trump told Axios in a phone interview on Wednesday that he rejected an Iranian peace offer that would lift the naval blockade and open the Strait of Hormuz but delay nuclear talks.
The president told Axios he was going to keep Iran under the blockade until the regime agrees to a proposal that addresses nuclear capabilities.
"They want to settle. They don't want me to keep the blockade. I don't want to [lift the blockade], because I don't want them to have a nuclear weapon," Trump told Axios.
Trump told Axios he saw the blockade as "somewhat more effective than the bombing” and his primary source of leverage.
"The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig. And it is going to be worse for them. They can't have a nuclear weapon," Trump told Axios.
The president added that Iran's oil storage and pipelines "are getting close to exploding" because Iran can't export oil due to the blockade.
-ABC News' Isabella Murray
Three members of Lebanon's Civil Defense were killed by Israeli strikes in southern Lebanon on Tuesday while trying to carry out a rescue operation, Lebanon's Civil Defense said.
Hussein Sati, Hadi Daher and Hussein Ghadbouni were all long-time volunteers with the Civil Defense, the service said. Sati is survived by two children, while Daher and Ghadbouni were both in their 20s.
The Lebanese Armed Forces said two of its soldiers were also injured in the same attack.
-ABC News' Victoria Beaule
President Donald Trump posted to social media early on Wednesday morning warning of fresh consequences if Tehran does not agree to a new nuclear deal.
"Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" Trump wrote, adding, "No more Mr. Nice Guy!"
