Oil prices have been going up over the last few months, from below $30 per barrel in February to the current levels of around $50. Many short term issues of a different nature play a role here, ranging from market psychology to supply interruptions such as those caused by the Alberta wildfires.
But I would argue that in the background there is a persistent upward trend, caused by the simplest of explanations: supply and demand are getting more into balance again.
