Heat the butter and olive oil together in a large pot over medium heat until melted.
Add the sliced onions, salt, black pepper, and sugar, stirring to coat the onions evenly.
Cook the onions, stirring occasionally, for 35 to 45 minutes until deeply golden and caramelized.
Add the minced garlic and cook for 1 minute until fragrant.
Pour in the white wine and scrape the bottom of the pot to loosen any browned bits.
Simmer for 3 to 5 minutes until the wine reduces slightly.
Add the beef broth, Worcestershire sauce, bay leaf, and thyme, then stir to combine.
Bring the soup to a gentle simmer and cook for 20 minutes.
While the soup simmers, toast the baguette slices until lightly golden.
Remove the bay leaf from the soup and ladle the soup into oven-safe bowls.
Top each bowl with a toasted baguette slice and a generous amount of shredded cheese.
Broil until the cheese is melted and lightly browned, watching closely to prevent burning.