Iran's Revolutionary Guards website had claimed that the goal of the military exercise in Semnan province was to "showcase the power of Iran's revolution and to dismiss the sanctions".
Last month, Iran conducted a ballistic missile test sparking concern and resulting in Trump warning Tehran it had been "put on notice". He warned that Iran is playing with fire, and all United States options are on the table.
It is Trump's first package of penalties against Iran, reflecting his insistence on a tougher stance toward Tehran.
Another laser-guided missile, Dehlaviyeh, had also been successfully tested, reported Tasnim news agency. Iranian officials downplayed that incident, saying it wasn't uncommon for those nations to make such shows of force.
Iran's navy has test-fired the latest versions of the Nasr and Dehlaviyeh missiles during military exercises in the Gulf, local media reported on Monday.
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The U.S. Navy's 5th Fleet, based in Bahrain, declined to comment on Iran's exercises or discuss whether it planned to monitor the drill.
Nasir - the latest creation in the family of Iranian cruise missiles - has also been tested during the current drills.
Global sanctions on Tehran were lifted in January of a year ago under a nuclear deal brokered in 2015 by Britain, France, Germany, China, Russia and the United States.
This is worrying because of the amount of cargo that is transported through that very area; including millions of barrels of oil to Europe, the USA and Asia each day. "We respond very well to arrangements to reach mutually acceptable scenarios". Under the nuclear deal, Iran agreed to curb its nuclear program in exchange for most of the sanctions being lifted.