In a saucepan over medium heat, drizzle 1 teaspoon of olive oil. Add the finely chopped onion and minced garlic. Sauté until they turn golden and fragrant, about 3-4 minutes.

Introduce the diced peaches and fresh jalapeños to the pan, stirring gently for another 2-3 minutes. Revel in the delightful aroma as they begin to mingle.

Pour in the ketchup, apple cider vinegar, brown sugar or honey, Worcestershire sauce, mustard powder, and smoked paprika. Stir until the mixture simmers gently, allowing the ingredients to intermingle and dance in harmony.

Sprinkle salt and black pepper into the concoction, adjusting to your palate's desires. For those seeking an extra depth of flavor, consider adding a splash of bourbon, letting it whisper secrets of oak and sophistication into the elixir.

Let the elixir simmer on low heat, allowing its essence to intensify and thicken, about 20-30 minutes. Optionally, blend the elixir to a smooth consistency for a velvety texture.

Pour the elixir into a vessel of your choosing, perhaps a glass jar, and let it cool to reveal its full spectrum of flavors. Store in the refrigerator for future enchanting encounters with grilled delights.