Heat oven to 400°F. In 2-quart saucepan, heat 2 tablespoons oil over medium-high heat. Add onion and garlic; cook about 4 minutes, stirring constantly, until onion is tender. Stir in tomatoes, basil, bay leaf, salt and pepper. Reduce heat to medium-low. Simmer uncovered 20 minutes, stirring occasionally. Stir in reserved tomato juice. (Sauce should be thick.) Remove and discard bay leaf.