Combine the rinsed rice, water, bay leaf, and salt in a saucepan. Bring to a boil, then cover and simmer on low heat for 18 minutes. Remove from heat and let rest, covered, for 5 minutes.

Uncover, discard the bay leaf, and fluff the rice with a fork. Gently fold in the lime juice, lime zest, oil, and half the cilantro.

Transfer to a serving bowl and top with the remaining cilantro. Serve warm.