Combine garlic and vinegar in a small glass bowl; cover and refrigerate at least 8 hours. Drain garlic, discarding vinegar; rinse and pat dry with paper towels. Set garlic aside.
Remove stem from jalapeno pepper. Set pepper aside.
Heat a large skillet over medium heat 2 minutes; add coriander and cumin seeds. Cook, stirring constantly, 5 minutes or until lightly browned.
Transfer browned seeds to container of an electric blender; add garlic, jalapeno pepper, oregano, and 1 cup oil. Cover and process until minced, stopping once to scrape down sides. Pour mixture into jar; add remaining 1 cup oil. Cover and refrigerate 24 hours.
Let oil stand at room temperature 2 hours. Pour mixture through a wire-mesh strainer lined with 2 layers of cheesecloth into a decorative bottle or jar, discarding solids. Add chiles. Seal bottle with a cork or an airtight lid. Store in refrigerator up to 1 month.
Use in salsas, fajitas, beans, and marinades for fish; or brush on vegetables before roasting.