Spiced Wine Cranberries

2 cups dry red wine, such as cabernet or merlot
1 cup sugar
1 cup (packed) brown sugar
6 whole cloves
2 cinnamon sticks
3-by-1-inch strip orange peel, any white pith cut away
12 ounce bag fresh cranberries

Combine all ingredients except cranberries in medium saucepan and bring to a boil; cook over medium-high heat, stirring until sugar dissolves. Reduce heat and simmer until reduced to 1 3/4 cups, about 15 minutes. Strain syrup into large saucepan, discarding spices. Add cranberries to the syrup and cook over medium heat until berries burst, about 12 minutes. Cool. Transfer sauce to a covered bowl. Refrigerate until cold. (Can be made up to 1 week ahead.)