Bourbon–Brown Sugar Barbecue Sauce

Bring 1 cup ketchup, ½ cup bourbon, 3 Tbsp. apple cider vinegar, 3 Tbsp. brown sugar, 3 Tbsp. mild-flavored (light) molasses, 2 Tbsp. Worcestershire sauce, 1 Tbsp. Dijon mustard, 1 Tbsp. soy sauce, 1½ tsp. liquid smoke, 1 tsp. garlic powder, 1 tsp. onion powder, ½ tsp. crushed red pepper flakes, and ½ tsp. freshly ground pepper to a boil in a small saucepan, stirring to dissolve brown sugar. Reduce heat and simmer, stirring often, until sauce is thickened and reduced to 2 cups, 8–12 minutes. Do ahead: Sauce can be made 2 weeks ahead. Let cool; cover and chill. Bring to room temperature before using.