The global macro landscape has been jolted by a sharp escalation in US–Venezuela tensions, pushing the country back into the centre of global geopolitics. Officially framed around sanctions and narcotics violations, Washington’s moves go far beyond oil, aiming to counter the deep influence of China, Russia and Iran across Venezuela’s energy, defence and financial networks. With the world’s largest crude reserves, massive gas resources, gold and critical minerals vital for semiconductors and clean energy, Venezuela has become a strategic asset. Markets may stay calm for now, but geopolitics is firmly back in the driver’s seat.