Is the BoE raising interests rates pointless when the cause of inflation is an oil price shock?

Usually, if inflation is getting too high, the central bank (e.g. the Bank of England) will raise interest rates to tighten the money supply. This works by making loans to individuals (including mortgages) and businesses more expensive, so people borrow less and have to spend more of their money on loan payments. This brings prices down because there is now less money chasing products, services and assets so the prices are bid up less.

In the case of the Iran war, this falls apart. The slight reduction in the UK money supply will have little to no impact on the price of oil, and therefore the cost of energy and products that depend on energy will still go up. Further, consumers and businesses already have their spending power reduced because more of their money is going to pay energy bills.

Would it not be more effective for the BoE to print money to subsidise solar panels and batteries, reducing demand for imported oil and gas, and reducing the costs of production for businesses?