Heat 1 cup of the oil in a heavy-duty 12-inch skillet over medium-high heat. When hot, add the bread, in batches if necessary, and fry until crisp and golden-brown, about 4 minutes per batch, stirring occasionally. With a slotted spoon, transfer the croutons to a plated lined with paper towels and season with salt and pepper. Pour the oil left in the pan into a heatproof container, let cool, and discard.
Cook the bacon in the skillet over medium heat, stirring occasionally, until crisp, about 12 minutes. Transfer to a plate lined with paper towels and set aside.
Heat the remaining 1/4 cup olive oil in a 6-quart heavy-duty pot over medium-high heat. Add the garlic and cook, stirring frequently, until light brown and fragrant, about 1 minute. Add the onion, pepper flakes, and oregano. Reduce the heat to medium and cook, stirring frequently, until softened but not browned, about 5 minutes.
Increase the heat to medium high. Add the tomato paste and cook, stirring frequently, until it darkens slightly, about 3 minutes. Stir in the wine, bring to a boil, and cook until the wine reduces by about half, 1 to 2 minutes.
Add 2 cups water and bring to a boil. Reduce the heat to low and simmer for about 20 minutes to meld the flavors. Stir in the Tabasco.
Return the broth to a boil over high heat. Add the clams and cover with a tight-fitting lid. Cook, shaking the pot occasionally until the clams begin to open, about 3 minutes. Add the reserved bacon and half of the parsley. Continue to cook, covered, until the clams have opened fully, 5 to 7 minutes more.
Remove the clams from the broth with a slotted spoon or tongs and transfer to large serving bowls. Season the broth to taste and ladle it over the clams. Garnish with the croutons and the remaining parsley.