Prime Minister Benjamin Netanyahu of Israel praised President Trump’s role in his country’s establishment of diplomatic relations with some Arab states. But Mr. Trump has supported Israeli actions that have strained those ties.

Trump's current odds for winning the Nobel Peace Prize range between 17/2 (10.5 percent) and 6/1 (14.3 percent) across several major sportsbooks, according to the betting website Oddschecker, placing him as the second favorite for bookmakers.

In a gesture of support, Netanyahu, during his latest visit to the White House on Monday, presented Trump with a copy of a letter he said he sent to the Nobel Prize committee. “It’s nominating you for the Peace Prize, which is well-deserved. And you should get it,” Netanyahu said.