Is the Fed raising rates a good response to oil inflation?

The recent rise in inflation, due to iran and oil. Should the Fed step in with higher rates or should the market deal with it? Example: Fed raises rates. That will increase costs, slow economy/recession and produce layoffs. this will reduce demand on everything and lower inflation. The Fed doesnt raise rates: Increased oil will slow economy/recession, produce layoffs, reduce demand on everything and lower inflation. I hesitate to say that the iran oil thing is also temporary. I think the inflati