Trump made the comments in separate interviews as Americans voted in pivotal elections in which the unpopular Iran war has been a key factor and as mediator Qatar stepped up efforts to avert a renewed escalation.
Overnight, the United States carried out "defensive" strikes on Iran's Qeshm island, targeting surface-to-air missiles used against US assets, a US official said. Another official said the strikes appeared limited and did not signal a return to major combat operations.
Trump on Tuesday renewed warnings of military action in an interview with Fox News. "I'm not looking to ... kill lots of people," he said. "If we have to, we'll have to."
In an interview with the Financial Times, Trump suggested he was content with the state of the stand-off with Iran.
"We seem to be getting everything we want," the paper quoted him as saying.
It asked Trump about what it called "strong hints" by Israeli Prime Minister Benjamin Netanyahu that there would be an attack later this week.
"I'm ready, we're ready. We're locked and loaded if we need to go, but there may be no reason for it," he replied.
Trump said indirect negotiations with Iran about its stockpile of enriched uranium were ongoing. "We're having discussions, and we'll see how that all works out," he said.
Also on Tuesday, Trump made a surprise announcement of a deal with Netanyahu under which Washington would stop $US4 billion ($A5.7 billion) in annual funding to Israel after 2026, but would sell weapons to its close Middle East ally.
The remarks appeared aimed at swaying voters unhappy with US support for Israel.
Fears have grown that the conflict launched by the US and Israel in February could flare up again after Tuesday's midterms.
"Mediators are working hard to narrow gaps between Tehran and Washington," the senior Iranian official said, speaking on condition of anonymity.
Qatari mediators travelled to Tehran on Monday night for talks on a version of a draft US-Iran deal discussed over the past eight days.
"Tehran's conditions must be met if the US wants Hormuz reopened," the Iranian official cautioned, referring to Iranian demands including waiving oil sanctions, ending the US naval blockade and releasing frozen Iranian funds.
Qatar's foreign ministry spokesperson Majed al-Ansari said the United States and Iran were reviewing proposals from mediators. While the Qatari team that travelled to Tehran had returned to Doha, talks were continuing.
A senior Iranian official told Reuters there is no deadline for exchanging messages with Washington through mediators or reviewing responses.
They said Tehran would not accept Washington's "excessive demands" and nuclear talks could begin only after Iran's conditions were met.
Tehran would respond forcefully, in the region and beyond, to US strikes, the official added.
Oil prices slipped in early trade on Wednesday as investors awaited the results of the midterm elections and their potential impact on peace talks, even after industry data showed US crude stocks unexpectedly fell last week.
Alongside indirect exchanges between Tehran and Washington, regional powers are pursuing diplomatic efforts to prevent further escalation.
