06:37 AM EDT, 05/28/2026 (MT Newswires) -- Asian stock markets largely fell back on Thursday, as crude prices again rose on a dimming outlook for a resolution to Persian Gulf hostilities and a consequent reopening of the Strait of Hormuz.

Hong Kong and Tokyo finished in the red, while Shanghai inched into the green. Other regional exchanges closed lower.

Brent crude futures rose to $94.03 a barrel, up 1.9%, during Asian trading hours.

In Japan, the Nikkei 225 opened evenly, wobbled and finished off 0.5% as traders weighed rich equity valuations and fresh uncertainties regarding Middle East peace talks.

The benchmark Nikkei 225 fell 306.29 to 64,693.12, as losing issues outnumbered gainers 132 to 90.

Leading the upside was tech-components maker Taiyo Yuden, up 17%, while advanced materials manufacturer Furukawa Electric declined 7.3%.

In Hong Kong, the Hang Seng Index opened lower and could not recover, closing off 1.3% on reports of new US military strikes on Iranian targets.

The broad gauge Hang Seng fell 322.07 to 25,006.16, as losing issues outnumbered gainers 75 to 15. The Hang Seng TECH Index lost 0.4% on the day, while the Mainland Properties Index fell 1.5%.

Leading the upside was toymaker Pop Mart International, gaining 4.7%, while Hansoh Pharmaceutical declined 7.1%.

On the mainland, the Shanghai Composite rose 0.1% to 4,098.64.

On the other regional exchanges, the S. Korean KOSPI fell 0.5%; the Taiwan TWSE declined 1.4%; the Australian ASX 200 declined 1.4%; the Singapore Straits Times Index fell 0.8%, and the Thai Set declined 0.1%. Exchanges were closed in Mumbai.

The MSCI All Country Asia Pacific Index fell 0.8% on the day.