Melt Butter: In a small saucepan, melt the butter over medium heat.
Add Jam and Teriyaki: Stir in the apricot jam and teriyaki sauce until smooth.
Adjust Consistency: Add water to thin the sauce slightly, stirring constantly.
Add Heat and Sweetness: Mix in the sriracha sauce for spice and agave syrup for extra sweetness, if desired. Taste and adjust.
Simmer: Lower the heat and let the sauce simmer for 2-3 minutes to blend the flavors.
Serve: Use this spicy apricot teriyaki sauce as a glaze, dip, or stir-fry sauce.