Finely chop the red onion, garlic, and jalapeño peppers (remove the seeds for a milder sauce).
In a medium saucepan, heat the olive oil over medium heat. Add the red onion and garlic and sauté for 2-3 minutes, until softened and translucent.
Add the jalapeños and smoked paprika, then pour in the red wine. Simmer for 5 minutes, allowing the alcohol to evaporate.
Pour in the balsamic vinegar and add the honey. Stir well to combine, then reduce the heat to low and simmer for 10 minutes, or until the sauce has thickened to a glaze.
Season with salt and black pepper to taste. For a smoother sauce, use an immersion blender to purée it, or serve it chunky.
Let the finished glaze cool slightly, then serve with grilled meats, chicken wings, or roasted vegetables. It can be stored in the refrigerator for up to 3-4 days.
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