Rinse the rice under cold running water until it runs clear, about 1 minute.

Heat olive oil in a large heavy-bottomed pot over medium heat for 1 minute until shimmering.

Add sofrito and diced tomatoes, cook and stir constantly for 2-3 minutes until fragrant and slightly darkened.

Add the rinsed rice and stir continuously for 2-3 minutes to toast the grains and coat with the sofrito mixture.

Season with salt, black pepper, garlic powder, and dried oregano, stirring to distribute evenly.

Pour in warmed broth while stirring, then add bay leaf, olives, and capers and stir once to combine.

Increase heat to medium-high and bring to a rolling boil, about 3-4 minutes.

Reduce heat to low, cover pot with lid leaving a small gap for steam, and simmer undisturbed for 20 minutes.

Remove from heat and let the rice rest, covered, for 5 minutes.

Remove the lid, discard the bay leaf, and fluff the rice gently with a fork before serving.