NEW YORK — Oil prices whipsawed on Monday, erasing early losses to trade higher, as traders weighed hopes for improved supply from a U.S.-brokered "energy ceasefire" between Russia and Ukraine against fresh Middle East violence and a powerful hurricane bearing down on the U.S. Gulf Coast.

Brent crude, the international benchmark, traded around $105.50 a barrel in morning trading in New York, up about 0.8%. U.S. benchmark West Texas Intermediate crude rose about 0.8% to roughly $92.60 a barrel.

Both benchmarks had fallen about 1.5% earlier in the session, with Brent dipping to around $103, before buyers returned amid doubts that the Russia-Ukraine agreement would quickly add to global supplies.

Prices remain sharply higher than a year ago. Brent has climbed about 65% over the past 12 months, driven largely by the conflict involving Iran and repeated disruptions to energy flows in the Middle East.

'Energy ceasefire' offers brief relief

Prices initially fell after President Donald Trump declared an "energy ceasefire" between Russia and Ukraine, under which the two countries agreed not to target each other's energy facilities.

The announcement raised expectations that more Russian fuel, particularly diesel, could reach global markets, easing concerns about tight supplies of refined........

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