“ ‘We should all see the risky situation, the oil markets are entering the red zone.’ ”

That warning comes from Fatih Birol, executive director of the International Energy Agency, in an interview with Bloomberg on Tuesday.

He added that expensive energy “is back at a bad time, when the global economy is losing momentum. We really need more oil.”

Birol’s words are important because the IEA advises industrialized nations on energy policy and coordinates emergency oil releases globally. On that point, Birol said the agency isn’t currently considering using its emergency reserves.

Brent crude UK:LCOZ8, the global benchmark, ended $1.09 higher at $85 a barrel Tuesday, while the U.S. benchmark, West Texas Intermediate crude US:CLX8 , rose 67 cents, or 0.9%, to $74.96 a barrel. Both grades earlier this month traded at or near four-year highs.

The rally comes in part due to tightening global supplies ahead of the Trump administration’s reimposition of sanctions on Iran aimed at curbing oil exports, as well as hits to output by Venezuela and other producers. Saudi Arabia and Russia have moved to boost output, but traders continue to debate their ability to offset lost barrels from Iran. Higher prices also reflect a premium tied to the prospect of any unexpected interruptions.

Rising oil prices, which are beginning to push up gasoline prices, have also been a concern for President Donald Trump, who has blasted OPEC on Twitter and demanded it take action to lower prices.

Meanwhile, rising oil prices are seen putting pressure on emerging economies that are heavy energy consumers, contributing to worries about global growth prospects.

Birol told Bloomberg that lacking any “major moves” by key producers, the fourth quarter of this year looks “very, very challenging.”

Birol said that Saudi Arabia has the ability to boost production to 11 million barrels a day and that he is confident it will act responsibly.