Preheat oven to 500°F Melt butter with oil in heavy large ovenproof skillet over medium-high heat. Stir in garlic, shallot, and dried crushed red pepper. Add crabs; sprinkle with salt and pepper. Sprinkle 1 tablespoon chopped thyme and 1 tablespoon chopped parsley over crabs. Stir to combine. Place skillet in oven and roast crabs until heated through, stirring once, about 12 minutes.
Using tongs, transfer crabs to platter. Add orange juice and peel to same skillet; boil until sauce is reduced by about half, about 5 minutes. Spoon sauce over crabs. Sprinkle with remaining 1 tablespoon thyme and 1 tablespoon parsley and serve.