US military strikes and the January 3, 2026, capture of Nicolás Maduro shifted bilateral dynamics, installing interim leadership under Delcy Rodríguez while establishing US oversight of oil sales and proceeds. Subsequent developments include eased sanctions on select sectors, a US stake in Venezuelan oil fields announced in August, judicial reform talks between government and opposition factions, and coordinated security operations against designated groups. Regional US naval and air assets remain positioned in the Caribbean, supporting pressure for political reconciliation, reduced ties to external actors, and economic stabilization after June earthquakes. Ongoing factors include the Maduro trial timeline, opposition inclusion in negotiations, and compliance with US conditions on energy and security cooperation that could influence any further escalation risks.