How to Make It
Cut 3 (1/4-inch-thick) slices from the orange; set aside. Squeeze the juice from the remaining orange to equal 3 tablespoons. Cut 3 (1/4-inch-thick) slices from the lemon; set aside. Squeeze the juice from the remaining lemon to equal 1 1/2 tablespoons.
Stir together the olive oil, vinegar, bay leaves, garlic, lemon juice, and orange juice in a small saucepan; cook over medium-low until just warmed, about 10 minutes. Remove from heat. Add the reserved lemon and orange slices, thyme, and rosemary. Let stand 20 minutes.
Place the olives in a wide-mouthed 1-quart jar. Pour the citrus-herb mixture over the olives. Cover with a tight-fitting lid, and chill 2 hours. Shake the jar to redistribute seasonings before serving. Store in the refrigerator up to 2 weeks.