There's certain events that can escalate strategic competition to conflict. Like in WW1, the "powder keg" was set by the strategic competition between multiple countries in Europe and the way the balance of power was distributed. The assassination of of the Archduke did not create this powderkeg, but it triggered it.

The "powder kegs" today are mainly the competition between the United States against China. There's also regional competition / "powderkegs", like Europe and Russia, Saudi Arabia and Iran, India and Pakistan.

Events that could have triggered these powder kegs/massive conflicts have calmed down a bit (relatively). The biggest ones have been when U.S vs North Korea rhetoric was at a tense high (China is heavily involved with NK and would likely get involved in any war there like they did in the 1950 Korean war), India-Pakistan (two nuclear powers bordering China) had some conflict on their border and were a the brink of war for a bit there (India is big competitor to China, Pakistan its big ally), and to a lesser extent Iran. If conflict were to arise in Iran, it would have probably been another middle eastern war (lots of money and death, few results), it would likely have Russia involvement like in Syria, and potentially China (although china like the money approach to influence, as they have put money towards influencing countries like Iran, and to a lesser extent Afghanistan and others).