The January 2026 U.S. military operation that captured Nicolás Maduro and transferred him to U.S. custody for drug-related charges established a transitional government under Delcy Rodríguez, which has since pursued oil production agreements granting Washington a significant stake in Venezuelan fields while facing continued pressure for compliance. Subsequent U.S. actions have focused on targeted strikes against criminal networks and coordination with Venezuelan authorities rather than sustained ground operations or occupation. Senate measures have sought to constrain further unilateral military steps without congressional approval, and bilateral talks on judicial reforms, diplomatic restoration, and opposition engagement continue into September 2026 alongside domestic calls for elections. These developments shape trader assessments of escalation risks versus negotiated stabilization through the remainder of the year.