The Iran war has reignited, pushing oil and gas prices higher — a trend that will worsen inflation in the coming months. Warsh’s tough talkWarsh, since taking over as chair in May, has emphasized that the Fed will get inflation back to 2% without specifying how. But in congressional testimony earlier this month Warsh said the Fed has “no tolerance” for higher inflation. Such comments, along with the resumption of the Iran war and the renewed climb of oil and gas prices, have already lifted borrowing costs. The increase will likely push headline inflation higher, just before the Fed meets again in September.