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