Heat vegetable oil in a skillet over medium heat; add onion. Cook and stir for 2 minutes. Add chopped tomato and tomato paste; cook until tomatoes are mushy, about 4 minutes. Add 1 teaspoon water, if necessary.
Pour fava beans into skillet; mash into a paste. Add 1 tablespoon water, cumin, salt, black pepper, and ground red pepper; stir well. Heat for 1 minute more. Remove from heat; allow to rest for 1 minute. Stir in olive oil and parsley.