Iranian navy fires a Mehrab missile during the "Velayat-90" naval wargames in the Strait of Hormuz in southern Iran on January 1, 2012 Iran has warned the United States it will take action if its fleet returns to the Persian Gulf. Meanwhile, France is pushing European countries to follow the US in freezing Iranian central bank assets and imposing an embargo on oil exports. ­Iran’s army... 

An Iranian navy vessel launches a missile during the Velayat 90 drills at the sea of Oman, on Sunday, Jan. 1, 2012. A senior Iranian lawmaker says the country will not allow any oil to reach the “war engines of Iran’s enemies” through the Strait of Hormuz if its oil is subjected to sanctions. “Iran will never allow the Strait [of Hormuz] to be used against it and for the benefit of its... 

In the stand-off over the crucial oil lane in the Persian Gulf, Iran’s navy drill is to culminate with the launch of long-range missiles. The US says its warships, which crossed the Strait of Hormuz on Thursday, are heading to the Arabian Sea. Iran’s long-range missile systems, including the Shabab-3, cover a distance of over 2,000 kilometers (1,200 miles) and thus could reach Israel and US bases... 

The Bahrain-based US Fifth Fleet says it will not “tolerate” any disruption in the Strait of Hormuz after Iran announced its forces are capable of closing the route if necessary. “[The fleet] maintains a robust presence in the region to deter or counter destabilizing activities,” a spokesperson for the fleet said on Wednesday. “The free flow of goods and services through the... 

Iranian Navy Commander Rear Admiral Habibollah Sayyari on Thursday announced the upcoming launch of 10-day massive naval exercises in the international waters, the local satellite Press TV reported. Sayyari said at a press conference on Thursday that the naval maneuvers dubbed Velayat 90 will start on Saturday and will cover an area of 2,000 (1,250-mile) km stretching from the east of the Strait of... 

Confusion caused by military drill rattles markets. A rumor that Iran had closed the Strait of Hormuz sent oil prices skyrocketing today, but the story turned out to be inaccurate and was likely a result of confusion surrounding an upcoming Iranian military drill set to take place near the key oil choke point. Yesterday, Parviz Sarvari an Iranian MP went public with the claim that Iran was about to... 

Top Iranian military official Brig. Gen. Ali Shademani A senior Iranian military official says Iran will take full control of the Strait of Hormuz should Washington opt to launch aggression against Iran. “The country’s armed forces which are under the (Islamic Revolution) Leader’s command are in the highest state of preparedness.” head of the Operations Department of the Joint...