Rising tension in the Middle East sent U.S. defense stocks higher again on Tuesday, more because the share prices reflect the ebb and flow of fears about the Israel-Iran war than because of any change in the long-term outlook.

The US president said his patience was “wearing thin” and boasted Iran’s supreme leader Ayatollah Ali Khamenei was an “easy target”, in a series of posts made a day after he left the G7 summit in Canada early to focus on the war.

In the span of about eight hours, President Donald Trump went from suggesting a nuclear deal with Iran remained “achievable” to urging Tehran’s 9.5 million residents to flee for their lives as he cut