The United States shifted from military pressure to direct diplomatic engagement with Venezuela’s interim government after Nicolás Maduro’s capture in January 2026. Restoration of formal ties in March, eased sanctions, and cooperation on oil exports and mineral access under interim President Delcy Rodríguez have prioritized economic recovery and a phased transition toward elections. These developments, alongside ongoing U.S. support for regional stability, have lowered the likelihood of any formal war declaration by channeling policy through negotiations and leverage rather than escalation. Scheduled milestones such as further diplomatic talks and potential political reconciliation steps remain the primary near-term catalysts that could sustain or alter trader assessments of congressional or executive action.