WASHINGTON—The White House has delayed its plan to impose new financial sanctions on Iran for its ballistic missile program, according to U.S. officials, amid growing tensions with Iran over the nuclear deal struck earlier this year.

The officials said the Obama administration remains committed to combating Iran’s missile program and that sanctions being developed by the U.S. Treasury Department remain on the table. They also said imposing such penalties was legal under the landmark nuclear agreement forged between global...