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Asia's imports of refined fuels fell in August to their lowest level since the U.S.-Iran war began, deepening a supply crisis that has sent diesel and jet fuel prices surging across the world's largest fuel-consuming region.

Beijing pushed back forcefully on Tuesday against the Trump administration's latest sanctions targeting Chinese entities over their dealings with Iran, warning that China will "adopt all necessary measures" to protect its interests and accusing Washington of destabilizing the global financial…