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Heat the olive oil in a large heavy-bottomed pot or Dutch oven over medium-high heat.
Add the ground beef and cook, breaking it up with a spoon, until browned all over, about 6–8 minutes. Drain off excess fat.
Reduce heat to medium and add the chopped yellow onion. Cook until softened and translucent, about 5–7 minutes. Add the minced garlic and cook until fragrant, about 1 minute.
Stir in the tomato paste and cook, stirring constantly, for 2–3 minutes to deepen the flavor.
Pour in the crushed tomatoes and beef broth. Add the dried oregano, dried basil, bay leaf, granulated sugar, salt, black pepper, and red pepper flakes. Stir to combine.
Bring to a gentle simmer, then reduce heat to low and cover the pot partially. Simmer for 60–120 minutes, stirring occasionally to prevent sticking.
Remove and discard the bay leaf. Taste and adjust salt and pepper as needed.
Serve the sauce over cooked spaghetti or your favorite pasta. Garnish with freshly grated Parmesan cheese and enjoy with crusty garlic bread.