In a large saucepan over medium heat, combine the oil and flour and stir until the mixture becomes smooth.
Add the cayenne pepper, garlic powder, onion powder, and black pepper, and stir until well combined.
Add the tomato sauce, vinegar, water, Worcestershire sauce, and hot sauce, and stir until well combined.
Bring the mixture to a boil, reduce the heat to low, and simmer for 30 minutes, stirring occasionally.
Remove the pan from the heat and let it cool slightly.
In a blender or food processor, blend the sauce until it is smooth.
Pour the sauce into a jar or container with a tight-fitting lid and refrigerate for up to one week.