1. Mount RHEL Installation ISO
mkdir /media/dvd mount /dev/cdrom /media/dvd
2. Get Media ID with the ISO
head -n1 /media/dvd/.discinfo 1384196515.415715
3. Add yum configuration file for the ISO Repository (ISO.repo)
touch /etc/yum.repo.d/iso.repo
yum update
Appendix,
An example of iso.repo
[rhel6-server] mediaid=1384196515.415715 name=rhel6-server baseurl=file:///media/dvd gpgkey=file:///media/dvd/RPM-GPG-KEY-redhat-release enabled=1 gpgcheck=1