U.S. military action against Venezuela in January 2026 centered on a targeted operation that captured President Nicolás Maduro and his wife on narco-terrorism charges, featuring airstrikes on defenses and infrastructure but stopping short of territorial occupation or sustained ground control. Venezuela installed an interim leader amid a declared state of emergency, while the Trump administration framed the effort as enforcement against drug trafficking and signaled openness to further pressure including potential oil measures, though it has avoided framing the episode as a full-scale invasion. Trader consensus on any remaining “invasion by” deadlines has since collapsed, reflecting the limited scope of the January strikes, the absence of subsequent escalatory moves, and market resolution criteria that require intent to establish control over Venezuelan territory. Scheduled diplomatic or legislative developments could still influence future risk assessments.