Preheat the grill to high. Rub steak with oil. Sprinkle with chili powder, salt, and pepper.
Place the steak on the grill and cook until golden brown and slightly charred, about 4 to 5 minutes.
Turn the steaks over and continue to grill for 3 to 5 minutes for medium-rare and 8 to 10 minutes for medium-well.
Allow steak to rest for 10 minutes before slicing across the grain.