Is a third world war ripe?

Is a third world war ripe? Briefly I recalled in my study of history Japan had a blockade of US armada at its port preventing it from exporting cheap goods then Japan had to break out n joined the war which had started n raging in Europe n elsewhere. This time quite a similar situation. The latest media news reported several countries now applied sanctions against the largest producer country of low price n affordable artefacts n consumer goods. The squeeze seems on. The situation seems ripe for a third world war!