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Iran's "Sacred Defense Week" is a time when Iranians can appreciate the natural awesomeness of military weaponry and missile tests, including the just-completed test-firing of long-range missiles able to hit both Israel and U.S. bases in the Persian Gulf.

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The UN Security Council held an emergency meeting following what North Korea described as a satellite launch but what the US and South Korea said was actually a long-range missile test The U, the European Union, Japan and South Korea have all weighed in with varying degrees of concern, while China and Russia have urged calm and restraint.

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The price of oil is bad now, but it could get much worse, according to OPEC Secretary-General Abdalla Salem el-Badri, if Iran became embroiled in a military conflict with the U.S. or Israel. If a war occurs, Badri says, there's no telling how high oil prices might climb.

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Israel and Iran appear to be locked in a dangerous round of ¿Quién es más macho? On Thursday, Israeli Defense Minister Ehud Barak responded to Iran's new displays of military prowess -- this week's missile tests -- by declaring that Israel is ready for action should Iran push the direct-threat level any higher.

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