The expressions balloon crisis y balloon war do not need quotes and are written in lowercase.
In the news related to the tensions between the United States and China, examples such as the following can be found: «The information arrives in the midst of the “balloon crisis”», «The “balloon crisis” between the United States and China worsens. China” or “U.A new episode of the “War of the Balloons”».
Since one of the senses of crisis it’ssituation mala o difficult’, lto expression balloon crisis transmits transparently conflict over alleged spy balloons in US airspace, so no quotes or italics needed. It is also valid, but minority, the variant balloon warGiven the guerra It does not imply an armed confrontation, but can refer to a struggle, a struggle or combat, even in a moral sense, or an opposition.
Although sometimes these expressions are written with a capital letter, these are descriptive names of an episode that does not constitute a historical fact in itself, so it is appropriate that they be entirely in lower case.
Consequently, in the previous examples it would have been more appropriate to write “The information arrives in the midst of the balloon crisis”, “The balloon crisis between the United States and China worsens” and “UA new episode of the war of the balloons».