In a bowl, mix together all the ingredients for the meatballs just until blended.
Form the mixture into two-inch balls.
Heat the olive oil in a pan and spread the meatballs in the hot oil. Leave to allow the bottoms to brown lightly before carefully turning on all sides to brown evenly.
Add the bell peppers and cherry tomatoes to the meatballs and continue cooking, stirring occasionally, for a minute or two.
Pour in the tomato soup.
Bring to a gentle boil, cover and cook over low heat for about ten minutes.