01 - Heat the olive oil in a large saucepan over medium heat.
02 - Add the onion and sauté for 2 minutes until slightly softened.
03 - Stir in the red and green bell peppers. Cook for 3–4 minutes, until vegetables are tender.
04 - Add the garlic and cook for 1 minute, stirring frequently.
05 - Stir in the rice, paprika, thyme, oregano, cayenne, salt, and black pepper. Toast the rice for 2 minutes, stirring constantly.
06 - Pour in the vegetable broth and add the bay leaf. Bring to a boil.
07 - Reduce heat to low, cover, and simmer for 18–20 minutes, or until the rice is cooked and liquid is absorbed.
08 - Remove from heat and let stand, covered, for 5 minutes.
09 - Fluff rice with a fork, remove the bay leaf, and garnish with chopped parsley before serving.