Heat olive oil in a large pot over medium heat. Add finely chopped onion and sauté until soft and translucent, about 5-6 minutes. Stir in minced garlic and cook for an additional 30 seconds until fragrant.

Add tomato paste, stirring continuously for 1 minute to enhance flavor. It should slightly darken and become fragrant.

Pour in fire-roasted diced tomatoes and broth. Add sugar, salt, black pepper, smoked paprika, basil, and oregano. Stir and let simmer.

Bring to a gentle boil, reduce heat, and simmer uncovered for 15-20 minutes.

Blend the soup with an immersion blender until smooth, or to your desired texture.

For a creamy finish, stir in heavy cream or coconut milk. Serve hot, garnished with fresh basil or parsley.