Step 1
Cook orange, garlic, bay leaves, and oil in a small saucepan over medium heat, swirling occasionally, until garlic is sizzling and golden around the edges, 8–12 minutes. Remove from heat and stir in thyme sprigs, vinegar, peppercorns, and coriander seeds. Let cool until marinade is lukewarm, about 20 minutes. Step 2
Place olives in a small bowl and pour marinade over. Let sit at room temperature 1–4 hours before serving.
Do ahead: Olives can be marinated 2 weeks ahead. Cover and chill. Bring to room temperature before serving.