Begin by heating the olive oil and butter in a large skillet over medium heat. Once melted, add the minced garlic and diced shallots. Sauté for about 3-4 minutes, or until the shallots are translucent and fragrant.
Stir in the tomato paste and red pepper flakes. Cook for an additional 2 minutes to allow the flavors to meld.
Pour in the whole peeled San Marzano tomatoes and the fire-roasted diced tomatoes (do not drain). Use a spoon to break up the whole tomatoes slightly.
Add the chicken bouillon, dried herbs, salt, thyme, pepper, sugar, and the bay leaf. Stir everything together and let it simmer on low heat for 20-25 minutes. This will allow the flavors to deepen and develop.
After simmering, remove the bay leaf and stir in the heavy cream and grated Parmesan cheese. Allow the sauce to simmer for another 5-10 minutes until it thickens slightly.
While the sauce is simmering, cook your pasta according to package instructions in a large pot of salted boiling water. Once al dente, reserve a cup of pasta water and drain the rest.
Add the drained pasta to the sauce and toss to coat. If the sauce is too thick, add a splash of reserved pasta water to reach your desired consistency.
Serve your Pink Pasta Sauce hot, garnished with chopped fresh basil and additional grated Parmesan if desired. Enjoy!