01 - Warm olive oil in a large saucepan over medium heat until shimmering.
02 - Add chopped onion to the pan and cook for 2 minutes until edges become translucent.
03 - Stir in diced red and green bell peppers. Sauté for 3 to 4 minutes until vegetables are tender-crisp.
04 - Toss in minced garlic and stir constantly for 1 minute until fragrant, being careful not to brown.
05 - Add rice, paprika, thyme, oregano, cayenne, salt, and black pepper. Stir constantly for 2 minutes to toast the rice grains and bloom the spices.
06 - Pour in vegetable broth and tuck in the bay leaf. Bring mixture to a rolling boil.
07 - Reduce heat to low, cover tightly with lid, and simmer gently for 18 to 20 minutes until rice is tender and liquid is fully absorbed.
08 - Remove saucepan from heat. Keep covered and let rice steam for 5 minutes to finish cooking.
09 - Uncover and fluff rice with a fork. Discard bay leaf, sprinkle with fresh parsley, and serve immediately while hot.