To make the sauce, heat the oil in a medium non-stick frying pan and cook the bacon rashers for two minutes on each side until lightly browned, remove from the pan and set aside to drain on kitchen paper.
Melt the butter in the same frying pan and fry the shallot for two minutes or until soft, stirring regularly. Take the pan off the heat and stir in the Worcestershire sauce, ketchup and Tabasco sauce until well combined.
Shuck the oysters and return, with any juices, to the deeper shell. Place into a small baking tray. Spoon over some of the sauce, break the bacon into small pieces and scatter on top.
Grill the oysters for 1½-2 minutes, or until just cooked and the bacon sizzling. Serve with lemon wedges.