President Donald Trump said Thursday that he believes there is a "chance" for a Middle East peace settlement, long one of the most elusive goals of US diplomacy.

"I think we have a chance of doing it," he told reporters during a White House news conference with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah.

Trump acknowledged that previous administrations had come close to, yet never reached, a deal between Israel and the Palestinians. But he said: "We're going to give it our best."

The president said both sides wanted peace and that the United States had "tremendous talent" working on the problem. 

He did not mention his son-in-law Jared Kushner, who last month led a US delegation to the region to discuss reviving the peace process. 

Those talks were greeted with pessimism, although officials hope that better relations between Saudi Arabia and Israel can help propel a regional solution.

Palestinian leaders have grown frustrated with the White House after initially holding out hope that Trump could bring a fresh approach to peace efforts despite his pledges of staunch support for Israel.

But Palestinian leaders note the White House has not even clearly committed to a two-state solution to the conflict, in contrast to longstanding US policy.