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PARIS - US-Israeli strikes killed Iran’s leader but have not toppled the government, which now, from its perch on the Strait of Hormuz, has put the entire world economy on the war’s frontlines.

The initial US victory in killing supreme leader Ali Khamenei has given way to a conflict that Washington cannot completely control, sharply limiting President Donald Trump’s options.

Two weeks into a bloody air war, Iran holds many cards as it chokes the world’s oil supply and strikes US allies in the Middle East, including Gulf states who had for years staked their reputations on political and economic stability.

It makes for a drastic turn from the early hours of April 28, when the first clouds of black smoke rose over Tehran.

Amid smouldering ruins of a housing complex in the Iranian capital were Mr Khamenei and dozens of top-ranking officials, killed in strikes that took years of espionage and planning.

The government had been decapitated.

And yet – such strategies have “never been effective” in state-versus-state warfare, writes American professor Robert Pape in his book “Bombing to Win”, a study of military air campaigns.

And Iran itself is no stranger to history.

“We’ve had two decades to study defeats of the US military to our immediate east and west,” Iran’s foreign minister, Mr Abbas Araghchi, said recently. “We’ve incorporated lessons accordingly.”