Oil prices are on course for the largest weekly drop since March, although prices began to bounce back on Friday morning as optimism slowly returned to markets. Oil is heading for the biggest weekly drop since March, following three consecutive days of huge losses. Still, oil recouped some losses on Friday, edging up after getting sucked down with a broader selloff in commodities.

IEA says no new fossil fuels. The IEA’s Net-Zero report dropped like a bombshell midweek. The IEA said that to reach net zero, there should be no new oil, gas, and coal projects. There was no shortage of proponents and critics, but either way, the report could influence how investors think about oil.

Asia snubs IEA report. “The report provides one suggestion as to how the world can reduce greenhouse gas emissions to net-zero by 2050, but it is not necessarily in line with the Japanese government’s policy,” a Japanese official told Reuters.  Officials in the Philippines also said no new fossil fuel investment would be a setback.

OPEC warns against IEA report. “The claim that no new oil and gas investments are needed post-2021 stands in stark contrast with conclusions often expressed in other IEA reports and could be the source of potential instability in oil markets if followed by some investors,” OPEC said.

U.S. and Iran near deal. The U.S. and Iran have sketched out the broad outlines of a deal to restore adherence to the 2015 nuclear agreement, which would include lifting sanctions. “We can now say that we have reached a framework or structure of an agreement,” said Iran’s deputy foreign minister Abbas Araqchi, according to Argus. Oil prices dropped by more than 2% on the news.