Heat oil in a medium saucepan. Add onions and red peppers and cook over low heat until soft and translucent, about 15 minutes.

Add the white wine and continue cooking about 10 minutes.

Add the chicken stock and bay leaf and cook, uncovered, over medium heat until liquid comes to a boil. Continue boiling to reduce the stock by half, to strengthen its flavor.

Pour in the heavy cream and continue cooking over medium heat until the soup starts to thicken, about 15 minutes.

When the soup has cooled, ladle it into the blender and purée. Strain through a fine strainer. Season with salt, if desired, and white pepper.