Heat olive oil in a saucepan over medium heat.
Add flour and stir for 1-2 minutes until golden brown.
Mix in chili powder, cumin, garlic powder, and onion powder.
Cook for an additional minute, stirring continuously.
Slowly whisk in the tomato sauce to avoid lumps.
Gradually add vegetable broth, stirring well.
Bring the mixture to a simmer, allowing it to thicken.
Season with salt and pepper to taste.
Cook for about 10 minutes, stirring occasionally.
Remove from heat and let cool before using or storing.