In a medium saucepan, heat olive oil over medium heat.
Stir in flour and chili powder, cooking for 1 minute to form a roux.
Add cumin, garlic powder, oregano, smoked paprika (if using), salt, and black pepper. Cook for another minute, stirring constantly.
Gradually whisk in broth, tomato paste, and vinegar until smooth.
Bring the mixture to a simmer, then reduce heat and let it cook for 10-15 minutes, stirring occasionally, until the sauce thickens to your desired consistency.
Taste and adjust seasoning if needed, then remove from heat.