**U.S. military action in Venezuela has centered on a targeted January 3, 2026 special operations raid and airstrikes that captured Nicolás Maduro without establishing sustained territorial control or launching a broader ground campaign.** The operation, justified primarily on narco-terrorism and drug trafficking charges, transferred interim authority to Delcy Rodríguez and prompted U.S. leverage over oil exports and foreign policy rather than occupation. Diplomatic relations resumed by March, sanctions on oil and mining were eased, and limited U.S. personnel later assisted with June earthquake relief. As of mid-August 2026, U.S.-backed talks between the interim government and opposition factions continue amid calls for elections and political prisoner releases, with trader consensus reflecting low probability of a qualifying military offensive to seize and hold Venezuelan territory through year-end deadlines. Key variables include any shift in U.S. demands on energy sector control or escalation tied to narcotics enforcement.