Heat the oil in a large Dutch oven over medium-high heat. Add the sausage and cook, stirring occasionally, until browned, about 5 minutes. Sprinkle the flour over the sausage and cook, stirring, until lightly toasted and the meat is well coated, about 2 minutes. Add the cayenne, garlic, bell peppers and onion and continue to cook, stirring occasionally, until the vegetables are softened, about 5 minutes. Add the tomatoes with their juices, clam juice and 4 cups water, scraping up any browned bits from the bottom of the pot.
Bring the stew to a simmer and continue to cook, adjusting the heat as needed to maintain a simmer, until the stew is thickened, about 30 minutes. Stir in the shrimp and cook until opaque, about 5 minutes. Remove from the heat and stir in the parsley. Season with salt.
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