"So you struck him first and then drew on him." This elf does not understand brotherly duty, clearly, or maybe he is the youngest. What older brother would stand back when the younger is threatened by someone who is likely too much for them to handle? Loki is not a direct fighter. That is Thor's ability, his position, and in a way his promise to his brother.

"Will you be attacking or will we be standing here posing all day? I am certain many of the audience would not object to the latter, but I will not swing first." He is a guest in the city. So far his movement has been defensive and it will remain that way until and unless he personally is attacked... but he really hopes he gets attacked. He's bored.