In a 4-quart medium saucepan, heat the olive oil over high heat until hot.
Add the onion and cook, stirring, until softened, 4 minutes.
Add the garlic, salt, crushed red pepper, and bay leaf and cook, stirring, for 1 minute.
Add the tomatoes and cook, stirring occasionally, until they begin to soften, about 2 minutes.
Add the water, parsley, and cilantro and bring to a boil.
Add the rice and stir well. When the liquid returns to a boil, stir once again, cover the pot, and reduce the heat to low. Cook the rice, undisturbed, for 20 minutes, until the liquid is dissolved and the rice is tender.
Let the rice stand for 5 minutes before fluffing with a fork. Remove the bay leaf and serve immediately.
Yield: 4 - 6 servings