Heat the oil in a large saucepan over medium heat.
Add the onion and garlic, and cook until softened, about 5 minutes.
Add the jalapeño pepper and cook for 1 minute.
Stir in the cumin, chili powder, smoked paprika, oregano, salt, and black pepper. Cook for 1 minute.
Add the tomatoes, tomato paste, honey, vinegar, adobo sauce, sriracha sauce, and water.
Bring to a boil, reduce the heat to low, and simmer for 30 minutes.
Using an immersion blender, blend the sauce until smooth. Alternatively, you can transfer the sauce to a blender and blend until smooth.
Return the sauce to the pan and cook for 5 minutes. Serve hot.