Heat 1 tablespoon of olive oil in a medium saucepan over medium heat.
Add 1 finely chopped onion and 2 minced garlic cloves.
Saute for about 5 minutes until they are softened and translucent.
Add ketchup, brown sugar, apple cider vinegar, Worcestershire sauce, and molasses.
Stir to combine everything evenly.
Add in the smoked paprika, mustard powder, cayenne pepper, black pepper, garlic powder, and onion powder.
Mix well to ensure the spices are evenly distributed.
Add the liquid smoke and hot sauce.
Stir to incorporate all ingredients fully into the sauce base.
Bring the mixture to a gentle simmer.
Continue to cook, stirring occasionally, for about 20 minutes until the sauce has thickened to your desired consistency.
Remove the sauce from heat and let it cool.
Transfer to a jar or airtight container.
Refrigerate if not using immediately.