Heat the olive oil in a large Dutch oven over medium-high heat. Once hot, add the cubed brisket in batches, ensuring not to overcrowd the pot. Brown the meat on all sides for about 5-7 minutes. This step adds flavor through the Maillard reaction.

Remove the browned brisket and set aside on a plate. Repeat until all meat is browned.

In the same pot, add the diced onion and sauté for about 5 minutes until translucent. Stir occasionally to prevent burning.

Add the minced garlic and cook for an additional 1-2 minutes until fragrant.

Return the browned brisket to the pot. Stir in the chili powder, cumin, smoked paprika, oregano, salt, and black pepper. Cook for 1-2 minutes to toast the spices, enhancing their flavors.

Add the diced tomatoes (with juices), kidney beans, black beans, beef broth, Worcestershire sauce, and hot sauce. Stir well to combine all ingredients.

Bring the mixture to a boil, then reduce the heat to low. Cover and let simmer for 2-3 hours, stirring occasionally. This slow cooking allows the flavors to meld and the brisket to become tender.

Check the brisket for tenderness; it should be fork-tender when done. If needed, continue simmering.

Ladle the chili into bowls and top with shredded cheddar cheese, a dollop of sour cream, and a sprinkle of fresh cilantro.

Serve hot with cornbread or tortilla chips for a complete meal.