Heat oil in a large skillet over medium-high heat. Add bread. Fry for 2 minutes; turn bread slice. Stir in almonds and garlic; fry an additional 2 minutes.
Pour hot oil, almonds, garlic and bread into a food processor. Add smoked paprika, cayenne pepper, cherry tomatoes, vinegar and roasted red pepper. Pulse until peppers are coarsely chopped, not pureed. Let Romesco Sauce sit for 5 minutes to develop flavors. Salt to taste.
Serve at room temperature over fish, chicken or pasta. Also delicious as an appetizer with crostini or fresh vegetables. Refrigerate any leftovers.