Heat the olive oil of your choice in a large saucepan over medium heat. Add the onion and cook until softened, about 5 minutes
Add ketchup, Worcestershire sauce, molasses, brown sugar, Traditional Balsamic Vinegar, mustard, granulated garlic, smoked paprika, black pepper, cayenne pepper and stir to combine.
Bring to a boil, the reduce heat to low and simmer until slightly thickened, about 30 minutes, stirring frequently
Transfer sauce to blender and blend until smooth.
Let cool to room temperature, transfer to a jar and store in refrigerator for up to a month