Heat the oil: In a large skillet or cast-iron pan, heat the olive oil over medium heat.
Sauté the vegetables: Add the chopped onion and cook until it becomes soft and translucent, about 5 minutes. Add the red and green bell peppers and cook for another 5 minutes until they begin to soften. Add the minced garlic and sauté for another minute, until fragrant.
Add the spices: Stir in the ground cumin, paprika, coriander, and cayenne pepper (if using). Cook for about 1 minute to toast the spices.
Add the tomatoes: Pour in the sliced tomatoes, stirring to combine. Season with salt and pepper. Add the chopped jalapeño peppers. Let the mixture simmer for about 10-15 minutes, until it thickens slightly.
Make the wells: Using a spoon, make small wells in the tomato mixture. Crack an egg into each well. Cover the skillet and cook on low heat until the egg whites are set but the yolks are still runny, about 8-10 minutes. If you prefer your eggs more cooked, leave them a bit longer.
Garnish and serve: Remove the skillet from the heat. Sprinkle chopped cilantro or parsley over the top. Serve hot with bread or pita for dipping.