Combine Ingredients in a small non-reactive saucepan, combine the ketchup, water, sugar, white vinegar, olive oil, paprika, coarse black pepper, garlic powder, cayenne pepper, onion powder, thyme, and salt. If using, add the Sriracha sauce.

Cook the mixture on medium heat and stir the mixture until it reaches a boil.

Once boiling, reduce the heat to low and let the mixture simmer for 5 minutes, stirring occasionally to prevent sticking and ensure even cooking.

After simmering, remove the saucepan from the heat and set it aside to cool. Once cooled, pour the vinaigrette into a clean, covered jar.

Refrigerate the vinaigrette to allow the flavors to blend and the vinaigrette to thicken slightly. It can be stored in the refrigerator for up to a week.