In the bowl of a food processor, combine the olive oil, sherry vinegar, lemon juice, parsley, basil, oregano, garlic and shallots. Pulse until well blended but do not puree. Add 1/4 teaspoon of the black pepper, 1/2 teaspoon of salt, and the crushed red pepper. Remove 1 cup of the chimichurri sauce from the processor and transfer to a non-reactive bowl, cover with plastic wrap and reserve at room temperature for up to 6 hours. (If cooking steak another day, refrigerate sauce and return to room temperature before serving.)