The Iranian conflict has revealed that the meaning of "energy independence" isn't what most Americans believe it is

Oil spiked above $100/barrel, even briefly hitting $115–$119 at peaks. Since then, prices have pulled back into roughly the $90 range as markets reassess risks. Still, that’s a huge jump from $60 to $70 earlier this year. Why are prices jumping? Supply disruption fears: the Iranian conflict has already disrupted roughly 7.5% of global oil supply. Some estimates say up to 20% of global supply is at risk if things worsen. Dr. Eric Smith, a professor at Tulane's Institute of Energy, joins Newell to try to make sense of it all.