US military action against Venezuela centered on a January 2026 special operations raid that captured Nicolás Maduro and his wife for US narco-terrorism charges, followed by temporary US coordination with acting president Delcy Rodríguez rather than sustained ground occupation. Subsequent developments include an August 2026 oil agreement granting the US significant governance rights over Venezuelan reserves to support stabilization and reconstruction after June earthquakes, alongside US-backed talks between the Rodríguez government and opposition figures aimed at political transition and elections. Ongoing Caribbean interdiction strikes target drug trafficking, while Maduro’s 2027 trial and amnesty discussions continue. These steps reflect a pattern of targeted pressure, economic leverage, and phased stabilization over large-scale invasion, with trader assessments shaped by the absence of further major military escalation in recent months and the emphasis on oil sector cooperation.