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Iran confirms missile tests

Iranian officials confirmed Saturday the nation test-fired missiles earlier in the week, although some experts have said their technological capability is not as great as Tehran claimed.

McCain, Obama slam Iran's missile test

Sen. John McCain said Wednesday that Iran's missile test shows the need for an effective missile defense system, while rival Sen. Barack Obama said it shows aggressive diplomacy, combined with sanctions, is necessary.

CNNMoney: Japan shares post modest gains

Japanese shares rebounded Wednesday on better-than-expected machinery orders and an overnight rise on Wall Street, but overall gains were limited as investors turned jittery over a report on Iran's missile tests.

Time.com: Iran Tests Missiles in Persian Gulf

Iran's elite Revolutionary Guards test-fired nine long- and medium-range missiles Wednesday in war games officials say are in response to U.S. and Israeli threats

Iranian military warns U.S., Israel against attack

Iran's Revolutionary Guards have begun a military exercise and issued a warning that Israel and U.S. naval forces in the Persian Gulf would be prime targets if Iran is attacked.

Iran defiant on right to nuclear power

Iran's government spokesman on Saturday reiterated its right to develop nuclear power for peaceful purposes, a state-run news agency reported.

CNNMoney: Oil climbs to new record above $144

Oil prices rose to a new record Wednesday as traders mostly looked past a mixed inventory report to focus on continued geopolitical instability, currency issues and a looming jobs report.

CNNMoney: Crude soars $2 as dollar slides

Oil prices climbed to $142 a barrel Tuesday amid concerns about tensions between Iran and Israel and a weakening dollar.

Militant detained as al-Maliki heads to Iran

Coalition forces in Iraq said Friday they detained an "Iranian-trained" militant leader as Iraqi Prime Minister Nuri al-Maliki gets ready to visit Iran on Saturday to discuss security concerns and other issues.

U.S. cargo ship fires warning shots in Persian Gulf, Navy says

A U.S.-contracted cargo ship fired warning shots in the Persian Gulf at two small patrol boats believed to be from Iran, U.S. Navy officials said Friday.

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