2 tablespoons vegetable oil

1 cup finely diced red onion

2 tablespoons finely diced jalapeno pepper

1/4 cup bourbon

1 pound frozen peaches (or fresh peaches that have been pitted, peeled and sliced)

1 1/2 cups water, divided

3/4 cup packed brown sugar

2 tablespoons molasses

2 tablespoons honey

2 tablespoons tomato paste

1/4 cup ketchup

1/4 cup soy sauce

1/4 cup apple cider vinegar

2 tablespoons balsamic vinegar

1 tablespoon Worcestershire sauce

1 tablespoon Dijon mustard

1/2 teaspoon kosher salt

1/2 teaspoon freshly ground black pepper

1 teaspoon chili powder

1/2 teaspoon dry mustard

Pinch cayenne powder

1/4 teaspoon liquid smoke