Heat the olive oil in a large pot over medium heat. Add the chopped onion and garlic, and sauté until softened and fragrant, about 3-4 minutes.

Pour in the V8 vegetable juice and the diced tomatoes with their juice. Stir to combine.

Bring the mixture to a simmer over medium-high heat. Reduce the heat to low and let it simmer for about 10-15 minutes to allow the flavors to meld.

If you prefer a smoother soup, use an immersion blender to blend the soup to your desired consistency. Alternatively, you can transfer the soup to a blender in batches and blend until smooth.

Taste and adjust seasoning with salt, pepper, and sugar if needed.

Serve hot, garnished with fresh basil or parsley, and topped with croutons, shredded cheese, or a dollop of sour cream if desired.