Roast the oranges and lemons in a 350° oven until brown, about 20 minutes for the oranges and 15 minutes for the lemons. Remove to a crockery pot. Add the sugar, spices, and half of the wine or port. Let stand for several hours. Crush the fruit to express the juice and add the remainder of the wine. Heat to just under a boil and strain. Serve steaming in punch cups.
If using port instead of red wine, use lemons instead of oranges.