Bring a large pot of lightly salted water to a boil. Cook linguine until tender yet firm to the bite, about 11 minutes. Reserve 1 cup pasta water; drain well in a colander.

Melt 2 tablespoons butter with 1 ½ tablespoons olive oil in a large skillet over medium heat. Add bell peppers and garlic; cook until peppers are softened, about 10 minutes. Stir in shrimp; cook until opaque and pink, about 5 minutes. Remove shrimp and set aside.

Stir wine, clam juice, and lemon juice into the skillet; bring to a boil. Add remaining butter and olive oil, then return shrimp to the skillet. Stir in pasta water, parsley, cream, pepper flakes, and salt. Add cooked linguine; toss to coat. Simmer over medium-low heat for 5 minutes.