Add the extra virgin olive oil, red wine vinegar, ketchup, granulated sugar, paprika, onion powder, and celery seed to a wide-mouth mason jar or tall container suitable for blending.

Using an immersion blender, blend the ingredients on medium speed until smooth, fully combined, and slightly thickened (the sugar should dissolve completely and the mixture should emulsify). This takes about 30-60 seconds.

Taste and adjust if needed - add a pinch more sugar for extra sweetness or a splash more vinegar for tang. Transfer to an airtight jar or bottle if not using the original container.

Refrigerate in an airtight container for up to 2 weeks. Shake or stir well before each use, as natural separation may occur.