BEIRUT—Iran's Revolutionary Guards Corps launched several days of drills Monday to test missiles capable of hitting targets as far away as Israel, one day after the European Union put into effect its planned embargo against Iranian oil.

The three days of war games in the north-central desert area of Semnan province, dubbed the Great Prophet 7, were reported by official news agencies. They are aimed at testing the precision and efficiency of the Iranian Revolutionary Guard Corps' warheads and missile...