The US has not issued a formal declaration of war against Venezuela, despite conducting a limited military operation on January 3, 2026, that captured former president Nicolás Maduro under narco-terrorism charges. That brief action, involving special operations forces and airstrikes on air defenses, bypassed congressional authorization and triggered debate over the War Powers Resolution without escalating to sustained conflict. Subsequent steps—including reestablishment of diplomatic relations in March 2026, sanctions relief on oil exports, and formation of an interim Venezuelan government—have reduced tensions. Congressional proposals such as the No War with Venezuela Act further constrain broader engagement, while statements from administration officials have emphasized targeted enforcement rather than open hostilities. These developments have anchored trader expectations around continued restraint absent a new major trigger.