Heat the oil in a large Dutch oven or pot over medium‐high heat. Add the onion and sauté until softened, 5 to 7 minutes. Add the garlic and bay leaves and sauté just until the garlic is fragrant, about 30 seconds. Add the rice and stir until evenly coated. Continue to cook, stirring occasionally, until the rice is slightly toasted and has a nutty aroma, about 3 minutes. Pour in 1 cup of the stock to deglaze the pan, using a wooden spoon to scrape up all the stubborn, tasty brown bits. Add the remaining 2 1/2 cups of stock and the cranberries. Bring to a boil, then immediately lower the heat, cover, and simmer until the rice is tender and some of the grains have popped, 50 to 60 minutes. Uncover and fluff with a fork. Simmer for 5 minutes, stirring occasionally. Remove from the heat and drain off any excess liquid.