Federal Reserve officials have begun to seriously consider raising interest rates. Minutes from their April meeting show a majority now see policy firming as likely if inflation stays stubbornly above target. Short sentences. Long ones that connect energy shocks from the Middle East war to persistent price pressures that could unanchor expectations and force a policy reversal. The current target range sits at 3.5% to 3.75%. Almost all participants backed holding steady there in late April. But the tone has changed. Officials now weigh higher rates amid resurgent inflation risks. Before the conflict escalated, many expected cuts this year. That view has faded. Recent data tell why. A New York Fed underlying inflation gauge climbed to 4% in April from 3.5% the prior month. Personal consumption expenditures inflation rose to 3.8% year-over-year. Energy prices, amplified by the Iran war, drive much of the acceleration. Supply chain snarls add pressure.…