When speculators were allowed into the oil markets rather than actual buyers, the price jumped to like $120 barrel in like 2007. They had to stop it because hedge funds could just drive the price up indefinitely. See Bitcoin.
Speculation didn't suddenly exist in 2007. I do recall several regulations being changed at that time which _relaxed rules_ around the market. Is it possible that these regulations had more to do with the outcome than mere "speculation" in and of itself?