In a large saucepan, heat the canola oil over medium heat. Add the chopped onion and sauté until soft and translucent, about 5 to 6 minutes. Stir in the minced garlic and cook for an additional minute, just until fragrant.

Add the chili powder, cayenne pepper, and coarsely ground black pepper to the pan. Toast the spices in the oil for about a minute to enhance their depth and aroma.

Stir in the ketchup, molasses, cider vinegar, Worcestershire sauce, spicy brown mustard, and hot pepper sauce. Mix thoroughly until all ingredients are well incorporated. Bring the sauce to a gentle boil, then reduce the heat to low.

Simmer the mixture uncovered for 30 to 40 minutes, stirring occasionally, until the sauce thickens and develops a rich, concentrated flavor. Remove from heat and let cool for 15 minutes.

Once cooled slightly, pour the sauce through a fine-mesh strainer into a large bowl. Press gently to extract as much liquid as possible, discarding any solids left behind. Transfer the strained sauce to an airtight container and refrigerate. Use within one month as a flavorful basting sauce for grilled meats or as a bold dipping condiment.