The phrase "oil rises" is an idiomatic expression that means a person or thing is increasing in importance, power, status, or influence. Full definition
When the price of oil rises, clearly, the cost of gas at your neighbourhood station goes up as well. (jeffrubinssmallerworld.com)
As crude oil rose over $ 130 / barrel, the exchanges moved to put limits on oil contracts. (alephblog.com)
If oil rises above $ 150, his contact becomes much more valuable, and if it stays below, it becomes less valuable (why would you pay more for the oil). (thecollegeinvestor.com)