Heat oil in a large skillet over medium heat. Add onion and garlic. Cook until softened, about 5 minutes.
Add bell peppers; cook until tender, about 8 minutes. Raise heat to medium high; add wine. Cook, scraping any browned bits from pan, until liquid evaporates.
Stir in crushed tomatoes with juice, stock, tomato sauce, the water, red pepper flakes, salt, black pepper, and hot-pepper sauce if using. Bring to a boil, and reduce to a gentle simmer. Cook, stirring occasionally, until sauce is slightly thickened, about 1 hour.