0830 GMT – Crude oil prices are steadying as worries over fundamentals overshadow the risk presented by the Israel-Hamas war. Brent crude and WTI are up 0.7% to $80.12 a barrel and $75.85 a barrel, respectively. Both benchmarks had losses of more than 2% late Wednesday, with Brent closing below $80 for the first time since July. The relative price weakness is being driven by rising supply rather than demand weakness, UBS says. U.S. and Brazilian production are at record highs, while Iranian production is rising, the Swiss bank says in a note. Still, the market is likely to remain volatile, with the market undersupplied, UBS says. It expects prices to recover to trade in a $90 to $100 a barrel range amid falling oil inventories. ([email protected])