Pat the steaks dry with paper towels and rub them with olive oil. Season both sides with salt, pepper, and garlic powder. Let them rest at room temperature for 30 minutes while you prepare the grill and glaze.

In a small saucepan, combine the ketchup, brown sugar, vinegar, Worcestershire sauce, smoked paprika, garlic powder, and cayenne. Bring to a low simmer over medium heat and cook for about 5 minutes, stirring occasionally, until slightly thickened. Set aside.

Make sure your grill grates are clean and lightly oiled. Preheat the grill to medium-high heat.

Place the steaks on the hot grill and cook for 2 to 3 minutes per side to sear. After the first flip, brush the tops with the barbecue glaze. Continue flipping every minute or so, brushing with more glaze each time, until the steaks reach your desired doneness (125-130°F for medium-rare).

Remove the steaks from the grill and let them rest on a cutting board for 5 to 10 minutes before slicing or serving.