This week, in a special episode of Hold Your Fire!, Richard is joined by Crisis Group’s Caracas-based senior Andes region analyst Phil Gunson to unpack the U.S. military operation in Venezuela that led to the capture of President Nicolás Maduro and to assess what may come next. They examine how the operation unfolded, how it was experienced inside Venezuela, and the government’s initial response. They discuss Vice President Delcy Rodríguez’s assumption of power and whether Washington may be willing to work with a Maduro-less but still Chavista government to secure oil concessions rather than pursue full regime change. They talk about what Trump meant when he said the U.S. would “run” Venezuela. They also explore the weakened state of the opposition, the role of the military and armed groups, regional reactions, and the prospects for resolving Venezuela’s political crisis.

Click here to listen on Apple Podcasts or Spotify.

For more, check out our 10 Conflicts to Watch in 2026 and our Venezuela page.