How can you call it free market?

Oil jumped today 25usd. From about 100 usd. That's about 25%. Well, this is just insane. Oil is not a luxury, it is not an investment. It is a basic resource, quite similar with bread and water (in G8). How would you call it if the price of food would jump in one day 25%? Disaster? 1929? Global collapse? most probably everybody will blame the hedge funds that are building long positions on oil because the "short the financials" game is suspended for the moment.