In a small bowl, whisk together the ketchup, apple cider vinegar, Worcestershire sauce, olive oil, and brown sugar until the sugar is dissolved.

Add the smoked paprika, garlic powder, onion powder, and cayenne pepper (if using). Whisk until well combined and smooth.

Season with salt and black pepper to taste.

Taste and adjust seasonings as needed. If you prefer it tangier, add a bit more vinegar; sweeter, a touch more brown sugar.

Serve immediately or store in an airtight container in the refrigerator for up to a week. Shake well before each use.