I awoke to stomach cramps and urgency. I went poop and it looked like bloody chewed bread, and there was oily drops of blood floating. Reason to wory?

Needs to be checked. We can not tell you what caused your symptoms as you described and oily blood in your stool.But I will suggest that you should get it checked by your Family Physician or a Gastroenterologist.Needs a detailed history including family and past history.Diet and any meds taken,And a complete physical exam including rectal exam, Blood and Stool test and if indicated Colonoscopy to make Disgnosis .