Iran live updates: Saudi Arabia says 2 of its airports were damaged in overnight strikes

President Donald Trump doubled down on his threats to "annihilate" Iran, reportedly telling Time Magazine that it's "possible" that the U.S. would resume attacks on the country after the U.S. midterms.

Asked during an interview with the magazine, which was published early Thursday, how he can call himself the president of "peace" while also threatening to destroy Iran, Trump argued that "annihilating" the country would create global peace.

"Because by annihilating Iran, we've created peace in the world," Trump said, according to a transcript published by Time. "With Iran, I don't think you could ever have peace."

-ABC News' Devin Garbitt

President Donald Trump said on Wednesday, "We're going to have that war won very quickly, one way or the other."

"We lost 18," he said, referring to the number of U.S. servicemembers who have died in the war with Iran. "And we have very soon, you'll see things happening very soon."

"But we have a nation that's been virtually destroyed -- their economy is no good, they have 300%-plus inflation. Their Navy is gone, their Air force is gone, their anti-aircraft equipment is gone," Trump said.

He said the U.S. has "virtually total control of the Hormuz Strait."

"And in fact, in the last three days, more oil has come out of the Hormuz Strait than at any time in the history of the Hormuz Strait,” Trump claimed.

-ABC News’ Emily Chang

The U.K. Maritime Trade Operations (UKMTO) Centre said on Wednesday that it received a report that an oil tanker was struck by an unknown projectile in the Strait of Hormuz on Tuesday.

-ABC News' Victoria Beaule

President Donald Trump's administration on Tuesday announced new sanctions on several entities and individuals accused of supporting Iranian arms procurement networks, an effort the State Department said would support Operation Economic Outcast -- the U.S. economic pressure campaign against Tehran that Trump described as an "economic D-Day."

State Department spokesperson Tommy Pigott said in a statement, "Over the last year, Iran has continued its attempts to procure arms and related materiel, expanding its destabilizing activities in violation of the restored UN measures. Today's sanctions target these activities and third-country entities that further Iran's defense industry and proliferation activities."

Pigott also said that the State Department will offer rewards of up to $15 million for "information leading to the disruption of the financial mechanisms of Iran's Islamic Revolutionary Guard Corps" and its branches.

-ABC News' Shannon K. Kingston