Heat a Dutch oven or large pot over medium heat. Add olive oil and butter, if using, and tomato paste. Cook the tomato paste for about 3 to 4 minutes to caramelize it and reduce acidity. Add minced garlic and sauté for another minute.
Add the can of whole peeled tomatoes, roasted red bell peppers, thyme, black pepper, salt, onion powder, and basil. Mix well, bring to a gentle bubble, then reduce heat to low. Cover and simmer for 30 minutes.
Blend the soup using a blender that can handle heat or an immersion blender until smooth and creamy.
Return the blended soup to the pot (if using a stand blender) and add heavy cream, milk, sugar, a tiny dash of cayenne, and parmesan over low heat. Taste and adjust salt and pepper levels as needed.
Ladle the soup into bowls and top with your choice of garnishes.
Enjoy the cozy warmth of this delightful soup on a chilly day!