In a medium saucepan over medium heat, whisk together oil, flour, and chili powder. Cook for about 1 minute, stirring constantly, until fragrant.
Slowly whisk in tomato sauce and broth until smooth.
Add salt, pepper, garlic powder, cumin, and oregano. Whisk again to combine.
Let the sauce simmer for 6-8 minutes, stirring occasionally, until slightly thickened.