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Heat 2 tablespoons oil in a large skillet over medium heat. Add onion, oregano, and ½ teaspoon salt; cook, stirring occasionally, until onion is softened and lightly browned, 5–7 minutes. Stir in garlic and cook until lightly golden brown, 1–2 minutes.
Stir in ½ cup red wine and cook until nearly evaporated, about 2 minutes. Add remaining ½ cup and cook until reduce by at least half and a trail is left when a spatula is pulled through it, about 6 minutes.
Stir in tomatoes and honey, bring to a simmer, and cook until slightly thickened, about 10 minutes. Off heat stir in remaining 1 tablespoon oil and basil; season with additional basil, salt and pepper to taste.