Heat olive oil in a large skillet over medium-high heat. Add the shrimp, season with salt and pepper, and cook for 2 to 3 minutes per side until pink and opaque. Remove the shrimp from the skillet and set aside.
Reduce the heat to medium. Add the butter to the skillet and let it melt. Stir in the minced garlic and red pepper flakes, cooking for about 1 minute until fragrant.
Pour in the heavy cream and Italian seasoning. Bring the sauce to a gentle simmer and let it cook for 2 minutes, scraping any browned bits from the bottom of the pan.
Whisk in the grated Parmesan cheese until it is completely melted and the sauce is smooth and slightly thickened.
Return the cooked shrimp to the skillet. Toss the shrimp in the sauce to ensure they are well coated and heated through.
Remove the skillet from heat. Stir in the fresh lemon juice and garnish with chopped parsley. Serve immediately over warm white rice.