Heat oil in a large saucepan over medium heat. Add onion and cook for 4 minutes or until softened.
Add peppers and garlic, and cook, stirring occasionally, 10 minutes or until peppers are softened a bit.
Add tomatoes, balsamic vinegar and olives. Cook 8 minutes or until tomatoes begin to break down
Stir in oregano and red pepper flakes, and season with salt and pepper. Garnish with basil & serve over crusty bread, brushcetta, creamy polenta, tossed with your favorite pasta, or even topped on a protein.