Asian markets settled mostly lower on Thursday as Brent crude prices surged above $100 a barrel amid the continued closure of the Strait of Hormuz. In a significant escalation of the Middle East conflict, Iran stated that it would not reopen the Strait of Hormuz as long as the US naval blockade remained in place, calling it a ‘blatant violation’ of the ceasefire between the longtime foes. Additionally, Iran seized two container ships that were trying to exit the Gulf via the Strait of Hormuz on Wednesday. Japanese shares declined as profit-taking set in before the Bank of Japan's (BoJ) upcoming policy meeting. Hong Kong shares fell as investors turned cautious ahead of the release of key March inflation data, that could offer fresh signals on price pressures and influence expectations for monetary conditions. Market attention also turned to the 14th National People’s Congress Standing Committee (NPCSC), scheduled to convene for its 22nd session from April 27 to 30, 2026, where Chinese lawmakers will focus on reviewing eight legislative bills and approving the legislature's annual work plans.