diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 0befe35d6d..2437b41932 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "3.3.1"
+  ".": "3.4.0"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 85872e148d..cd53a5a486 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,48 @@
 # Changelog
 
+## [3.4.0](https://github.com/openai/openai-python/compare/v3.3.1...v3.4.0) (2026-08-21)
+
+
+### Features
+
+* **api:** Add obfuscation field to ChatCompletionChunk ([#3690](https://github.com/openai/openai-python/issues/3690)) ([c7d8e1d](https://github.com/openai/openai-python/commit/c7d8e1d26be1f958e55c80f26b648f768afabdf2))
+
+
+### Bug Fixes
+
+* apply consistent origin checks to WebSocket redirects ([#3693](https://github.com/openai/openai-python/issues/3693)) ([1b324d0](https://github.com/openai/openai-python/commit/1b324d044dcedc377e688c405416f928b0aedfb6))
+* **azure:** encode deployment names consistently ([#3683](https://github.com/openai/openai-python/issues/3683)) ([689538d](https://github.com/openai/openai-python/commit/689538d531692e30ac1928779e6f1b97cc95db45))
+* **azure:** keep provider validation errors value-free ([#3691](https://github.com/openai/openai-python/issues/3691)) ([72529c0](https://github.com/openai/openai-python/commit/72529c013707e7b5ed99edbc836603618a1e4be6))
+* **azure:** resolve one authentication mode ([#3689](https://github.com/openai/openai-python/issues/3689)) ([e3d0681](https://github.com/openai/openai-python/commit/e3d06812535d7f2fe1bc6e57c12bd0ac0dd4acd1))
+* compute custom-code summaries from trusted workflow code ([#3692](https://github.com/openai/openai-python/issues/3692)) ([2b5868d](https://github.com/openai/openai-python/commit/2b5868da23cb61876ec27d76591ea5fdb2b8c14d))
+* create upload example fixtures in private directories ([#3686](https://github.com/openai/openai-python/issues/3686)) ([f36e6f7](https://github.com/openai/openai-python/commit/f36e6f79662b22e9d8f1660d4576b4b15cd8ac76))
+* decode SSE incrementally without limiting event size ([#3687](https://github.com/openai/openai-python/issues/3687)) ([2598d53](https://github.com/openai/openai-python/commit/2598d530cf682784465e9f82558a830ac5f94486))
+* keep Python SDK diagnostics metadata-only ([#3685](https://github.com/openai/openai-python/issues/3685)) ([600aa8d](https://github.com/openai/openai-python/commit/600aa8daade4c9df87deb76f6b8442ee828a7cbc))
+* Preserve Azure authentication boundaries across transports ([#3684](https://github.com/openai/openai-python/issues/3684)) ([06ef57c](https://github.com/openai/openai-python/commit/06ef57caafe73d625ad4458ab5d29241e30c44bc))
+* preserve the configured TLS hostname ([#3694](https://github.com/openai/openai-python/issues/3694)) ([aa5fbc4](https://github.com/openai/openai-python/commit/aa5fbc401f179fc515905d84623718c2b66ec653))
+* preserve WebSocket send queue byte accounting during flush ([#3688](https://github.com/openai/openai-python/issues/3688)) ([96f966d](https://github.com/openai/openai-python/commit/96f966d77bddc7449ae23fda5b29ef44c3f98cc2))
+
+
+### Chores
+
+* **api:** document supported image generation models ([#3695](https://github.com/openai/openai-python/issues/3695)) ([8edd9ae](https://github.com/openai/openai-python/commit/8edd9ae411f9d0a5385447a4697c9f7042868213))
+* **api:** move chat validation tests out of generated code ([#3698](https://github.com/openai/openai-python/issues/3698)) ([9d3ba20](https://github.com/openai/openai-python/commit/9d3ba20f9567a62b2ebb3542661a60dc4ed2fd67))
+* **api:** move webhook tests out of generated code ([#3700](https://github.com/openai/openai-python/issues/3700)) ([04ecb3c](https://github.com/openai/openai-python/commit/04ecb3c21712e1236e7aa2eb9d715d57acb26c35))
+* **api:** remove redundant generated formatting ([#3696](https://github.com/openai/openai-python/issues/3696)) ([5ac1e03](https://github.com/openai/openai-python/commit/5ac1e03e1ae8f08acf6213b3e44772734dbb8e59))
+* **api:** remove redundant generated test edits ([#3697](https://github.com/openai/openai-python/issues/3697)) ([351ef84](https://github.com/openai/openai-python/commit/351ef84dc25211ea871f60eb16a469a89d20e133))
+
+
+### Documentation
+
+* standardize Python SDK vulnerability disclosure policy ([#3642](https://github.com/openai/openai-python/issues/3642)) ([1fc0a21](https://github.com/openai/openai-python/commit/1fc0a217047cf7f767db10479b5d741b870bc74f))
+
+
+### Refactors
+
+* **api:** isolate audio response format selection ([#3701](https://github.com/openai/openai-python/issues/3701)) ([ece4324](https://github.com/openai/openai-python/commit/ece4324da0b96f848b48bdef090a372ff0a1db26))
+* **api:** share embedding response decoding ([#3699](https://github.com/openai/openai-python/issues/3699)) ([50de9af](https://github.com/openai/openai-python/commit/50de9af45900fa2c88ac11efbb7f9a7ff0057c42))
+* **api:** share webhook signature verification ([#3704](https://github.com/openai/openai-python/issues/3704)) ([e14ac34](https://github.com/openai/openai-python/commit/e14ac34376efa5260ef9ef82b939f451f6f9a66a))
+
 ## [3.3.1](https://github.com/openai/openai-python/compare/v3.3.0...v3.3.1) (2026-08-19)
 
 
diff --git a/pyproject.toml b/pyproject.toml
index acacf8fcbe..536e93b045 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "openai"
-version = "3.3.1"
+version = "3.4.0"
 description = "The official Python library for the openai API"
 dynamic = ["readme"]
 license = "Apache-2.0"
diff --git a/src/openai/_version.py b/src/openai/_version.py
index 186c987465..a5b76a15db 100644
--- a/src/openai/_version.py
+++ b/src/openai/_version.py
@@ -1,2 +1,2 @@
 __title__ = "openai"
-__version__ = "3.3.1"  # x-release-please-version
+__version__ = "3.4.0"  # x-release-please-version
diff --git a/uv.lock b/uv.lock
index fbfb24e3b7..faf054235b 100644
--- a/uv.lock
+++ b/uv.lock
@@ -1296,7 +1296,7 @@ wheels = [
 
 [[package]]
 name = "openai"
-version = "3.3.1" # x-release-please-version
+version = "3.4.0" # x-release-please-version
 source = { editable = "." }
 dependencies = [
     { name = "anyio" },