Asian stock markets experienced a decline on Thursday as Brent crude oil prices jumped over 6% to $125 per barrel, driven by concerns over potential US military action against Iran. The MSCI Asia-Pacific index, excluding Japan, fell 1%, although it is still on track for a 15% gain this month. Japan's Nikkei index decreased by 1.4%, while South Korea's KOSPI hit an all-time high before dropping 0.8%. Investor sentiment is cautious as the European Central Bank and the Bank of England prepare to discuss potential interest rate hikes, following the Federal Reserve's decision to keep rates steady. The Fed's recent meeting was marked by a divided vote, the most contentious since 1992, as some board members advocated for a shift away from easing policies. Additionally, US Treasury yields rose to a one-month high, leading to a selloff in global bonds. In currency markets, the US dollar strengthened against the yen, which has fallen significantly since the beginning of the US-Israeli conflict with Iran on February 28.