This week, Iran-backed Houthi rebels in Yemen launched strikes on two Saudi Arabian oil tankers, immediately leading to yet another spike in oil prices.

The Strait of Hormuz, which has become a choke-point for a crucial supply chain, continues to be severely disrupted. 

But so far, the world economy has avoided a meltdown, a global recession or even depression, despite dire predictions.

Have the economic threats been overstated or is there more pain to come?