In a small saucepan whisk the sauce ingredients. Bring to a boil over medium heat, and then reduce the heat to medium-low and simmer until thickened and reduced to 1¼ cups, 8 to 10 minutes, stirring frequently. Cool completely. Set aside ½ cup of the sauce for basting the steaks during grilling. Reserve the remaining sauce for serving.
Lightly brush the steaks on both sides with oil and season evenly with the salt and pepper. Allow the steaks to stand at room temperature for 15 to 30 minutes before grilling.
Prepare the grill for direct and indirect cooking over high heat (450° to 550°F).
Brush the cooking grates clean. Grill the steaks over direct high heat, with the lid closed, until cooked to your desired doneness, 6 to 8 minutes for medium rare, turning once and brushing the tops and sides generously with the ½ cup sauce. Remove from the grill and let rest for 3 to 5 minutes. Serve the steaks warm with the reserved sauce on the side.