The intermediate-range weapon is fired over Japan into the northern Pacific Ocean.
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.
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.
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.