Dhaka, Sept. 23 -- US President Donald Trump used the United Nations General Assembly to offer Iran two starkly different paths: a deal that could allow the country to rebuild, or renewed military action with devastating consequences.

But while Trump paired threats with talk of a deal from the UN podium, diplomacy was also gathering pace in New York and at its centre is one of the world's most important energy chokepoints: the Strait of Hormuz.

Before the war, the narrow waterway accounted for around 20 percent of the world's daily crude oil and liquefied natural gas supply. Months of disruption have squeezed energy flows, raised shipping risks and forced import-dependent countries, such as Bangladesh, to scramble for alternatives.

Now...