Put the raisins, fennel seeds and 1/4 cup water in a small saucepan and bring to a simmer. Remove from the heat, cover and let stand for 5 minutes.
Put the olives, orange juice, garlic and 1/3 cup of the oil in a food processor and pulse until coarsely chopped. Add the raisin mixture and pulse 4 or 5 times to combine. If the mixture seems dry, add the remaining olive oil; season with salt and pepper. Spoon onto the toasted baguette slices and top with a few turns of black pepper or a pinch of red pepper flakes if using.
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