Trump said allies “should have done it” earlier, adding: “Go to the Strait and just take it. Protect it. Use it for yourselves.”
Washington has repeatedly accused allies of not doing enough to secure the shipping route or to support its war effort, leaving the UK and other nations weighing how to contribute to securing the strait without becoming involved in the wider war.
Foreign Secretary Yvette Cooper is set to chair Thursday’s virtual meeting.
The summit was expected to involve governments which signed a joint statement in mid-March calling on Iranian forces to halt attacks against commercial ships.
That statement was supported by some Gulf nations, as well as France, Germany, Japan, Australia and others.
The statement says: “We express our readiness to contribute to appropriate efforts to ensure safe passage through the Strait.
“We welcome the commitment of nations who are engaging in preparatory planning.”
The talks come a day after Prime Minister Sir Keir Starmer said the UK was “exploring each and every diplomatic avenue that is available” to reopen the route.
He also said British military planners would consider what could be done in the future to “make the Strait accessible and safe after the fighting has stopped”.
At the same time, governments around the world are weighing how to respond to cost-of-living pressures triggered by rising energy prices.
About a fifth of the world’s oil and gas passes through the Strait of Hormuz.
The price of a barrel of Brent crude, the global benchmark for oil prices, has jumped from $73 (£55) to well over $100 in recent weeks.