The new deadline comes as the president and Iranian leaders have ramped up bombastic threats against one another.
In an expletive-filled social media post, Mr. Trump said Iran should open the Strait of Hormuz or he will bomb bridges and power plants.
President Emmanuel Macron of France expressed disapproval about President Trump’s handling of the war against Iran on Thursday, chastising him for speaking cavalierly in a speech.
The United States says Iran’s claims to control the strait are illegal, but Tehran has made escalating assertions of authority over the vital waterway.
Thousands of civilian sailors have been stranded for more than a month in waters surrounded by a conflict zone because of the U.S.-Israeli war on Iran.
Global shipping companies looking for safer routes are turning to the Cape of Good Hope, a much longer, more expensive journey.
The effects of the war in Iran are squeezing consumers, businesses and governments around the world, raising the prices of many essential goods.
President Trump’s latest outbursts followed reports that European countries were imposing more restrictions on American aircraft in their airspace.