Venezuelan president Maduro pleads not guilty after US special forces raid

Tuesday 06 January 2026 - 10:50

By: Dakir Madiha

Venezuelan president Maduro pleads not guilty after US special forces raid

Venezuelan President Nicolás Maduro and his wife pleaded not guilty Monday in a Manhattan federal court to drug trafficking charges, just two days after US special forces captured the couple in a dramatic raid on Caracas that sent shockwaves through global markets.

Dubbed "Operation Absolute Resolution," the weekend operation saw Delta Force troops storm Maduro's fortified compound early on January 3, arresting the leader and his wife Cilia Flores before flying them to New York to face narcoterrorism accusations. President Donald Trump stated the United States would temporarily "run" Venezuela and pledged billions in American oil company investments to rebuild the country's ravaged energy infrastructure.

Gold prices surged 2.7% to around $4,444 per ounce by Monday afternoon, hitting a one-week high as investors rushed to safe-haven assets amid heightened geopolitical uncertainty. Silver also spiked, climbing as much as 7% during the session.

US energy stocks led the charge, with Chevron the only major American oil firm still operating in Venezuela up over 5%. Oil refiners posted even steeper gains: Valero Energy jumped nearly 10%, while Marathon Petroleum and Phillips 66 each rose 6% to 7%. Oilfield services firms Halliburton and SLB climbed 8% to 11%.

The Dow Jones Industrial Average advanced 1.2% to close near a record 49,000 points, though broader indexes saw more modest gains. Oil prices held steady around $61 per barrel for Brent crude, as traders weighed abundant global supply against potential long-term disruptions.

Despite the geopolitical drama, analysts noted investors quickly shifted focus to this week's economic calendar, particularly Friday's December jobs report. Economists forecast about 55,000 US jobs added last month, with unemployment expected to dip to 4.5%.

"While we note the geopolitical risks, we shouldn't overfocus on them," said James Stretch of CIBC Capital Markets. Markets price in roughly two Federal Reserve rate cuts this year, with upcoming jobs data set to shape the central bank's policy moves.

Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, observed that "the Venezuela situation has clearly reignited safe-haven demand, layering onto existing worries about geopolitics, energy supply, and monetary policy."