US policy toward Venezuela centers on a targeted January 2026 special forces operation that captured Nicolás Maduro, followed by US-backed interim leadership under Delcy Rodríguez and reestablished diplomatic ties. Washington has secured major oil concessions and export controls through agreements reached in August 2026, while pursuing stabilization, sanctions relief, and eventual political transition without large-scale troop deployment or occupation. Recent developments include joint counternarcotics actions, prisoner releases, and opposition negotiations scheduled for mid-September, alongside recovery from June earthquakes. These steps have shifted US leverage toward economic and diplomatic tools rather than further military escalation, with traders assessing low near-term probability of a conventional invasion absent new triggers such as major security breakdowns or failed transition talks.