The January 2026 U.S. targeted operation that captured former Venezuelan President Nicolás Maduro and transferred him for narco-terrorism charges has shifted bilateral dynamics, with interim President Delcy Rodríguez’s government cooperating on sanctions relief, oil production agreements, and diplomatic normalization. Recent catalysts include the August 28 oil deal granting U.S. entities majority control over major reserves, resumed U.S.-backed transition talks following June earthquakes, and joint actions against criminal networks. U.S. naval assets remain in the Caribbean under counter-narcotics authorities, but no large-scale ground invasion appears underway or authorized by Congress. Upcoming factors include the pace of multi-party elections, further economic restructuring, and any escalation tied to regional security or opposition demands. Trader assessments reflect these developments favoring continued influence through partnership over conventional military occupation.