Heat a dutch oven or large pot over medium heat. Add olive oil and butter, if using, along with the tomato paste. Cook down the tomato paste for about 3 to 4 minutes to caramelize it and remove some acidity. Add the garlic and saute for another minute.
Add the can of whole peeled tomatoes, roasted red bell peppers, thyme, black pepper, salt, onion powder, and basil. Mix and once it starts to bubble, bring heat down to low. Cover and simmer for 30 minutes.
Blend in a blender that can handle heat or use an immersion blender. Blend to the consistency that you prefer. Blend a lot to avoid any texture for a very creamy soup.
Transfer the soup back to the pot if you used a stand blender and add the heavy cream, milk, sugar, a tiny dash of cayenne, and the parmesan over low heat. Taste and adjust the salt and pepper level to taste.
Ladle into bowls and top with garnishes of your choice.