When he was killed by American and Israeli strikes, Iran’s supreme leader was holding a meeting. He was not in a bunker, though one was available; he was at his compound. There were layers of succession plans. In short, the hardline cleric appears to have chosen martyrdom, and in doing so, may have prolonged the life of the system he built.

Donald Trump has refused to put an end date on the war, and shares in American defence firms are rising. But our Buttonwood columnist is wary. The maths only makes sense if the drumbeat of war persists—but is not so loud that governments crimp the firms’ ability to generate profits.