Heat oil in a 3-quart saucepan over medium-high heat. When the oil is shimmering but not smoking, add popcorn kernels and shake to evenly distribute. Put the lid on the pan, leaving a small crack for steam to escape. As the popcorn starts popping, shake the pan vigorously to distribute kernels evenly. When the popping slows to a few seconds between pops, remove the pan from the heat. Pour popcorn into a large bowl.

Combine honey and sugar in a small saucepan; bring to a simmer and cook for 2 minutes. Remove from the heat and add peanut butter, hot sauce, salt and garlic. Stir vigorously until well combined. Pour peanut butter sauce over popcorn and mix gently with a wooden spoon until evenly coated. Stir in peanuts, if using. Let cool 10 minutes before serving.