Heat olive oil in a stockpot over medium heat. Cook and stir onion in hot oil until softened, about 5 minutes; add tomatoes, garlic, and bay leaf. Bring the liquid from the tomatoes to a boil, reduce to medium-low, and simmer mixture until tomatoes are softened, about 30 minutes.
Stir red wine, honey, basil, oregano, marjoram, salt, black pepper, fennel seed, and crushed red pepper into the tomato mixture; bring again to a simmer and cook until herbs have flavored the sauce, about 30 minutes more.
Stir balsamic vinegar into the sauce.
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