Trump is attracted to the idea of completely seizing Kharg Island because it would mean an "economic knockout" of Tehran, effectively cutting off its funding, the publication said.
A White House official told the outlet that the US leader had not yet made any decisions on the island. However, he added that the situation could change if efforts to restore shipping through the Strait of Hormuz drag on.
However, this move would require a troop presence on the ground and could provoke Iranian retaliatory strikes against oil facilities and pipelines in the Persian Gulf, particularly in Saudi Arabia, the publication said.
On February 28, the US and Israel began striking targets in Iran, including Tehran, causing damage and civilian casualties. Iran is carrying out retaliatory strikes on Israeli territory, as well as on US military targets in the Middle East.
The escalation around Iran has led to the effective blockade of the Strait of Hormuz, a key route for oil and liquefied natural gas supplies from the Persian Gulf to global markets, and has also impacted oil exports and production in the region.