Heat oil in a large nonstick skillet over medium-high heat. Add shrimp; sauté 3 minutes or until shrimp are done. Remove shrimp from pan with a slotted spoon; keep warm.
Add bell pepper and onion to pan, and sauté for 2 minutes over medium-high heat. Add the orange juice; reduce heat, and simmer 3 minutes. Combine water and cornstarch in a small bowl. Add cornstarch mixture, basil, jelly, and lime juice to pan; bring to a boil. Cook 4 minutes, stirring occasionally. Add hoisin sauce; cook 1 minute. Stir in shrimp, salt, and black pepper.