"Буря в стакане".

Seems like the pattern has already invaded every single language. So many storms in so many international cups!

 As I stirred my hot tea, I watched as the wisps of hot steam and swirling hot water churned in circles as if there was a storm in my teacup.

Yes, it generally means a relatively small or unimportant issue that is treated much more seriously than it really is or has been blown out of proportion and created lots of drama.

That's cool it is a glass of water in Portuguese! Maybe Brazillians don't use teacups much ;D? 

In American English the corresponding phrase is Tempest in a Teapot