In a large saucepan bring the water to boiling. Add cranberries. Boil gently 3 to 4 minutes or until skins burst. Pour mixture through a fine-mesh sieve, pressing lightly on cranberries; discard solids.
Return strained liquid to saucepan. Stir in sugar, cinnamon sticks, and cloves. Bring to boiling, stirring to dissolve sugar. Reduce heat. Simmer, uncovered, for 5 minutes. Remove from heat.
Add tea bags, lemon zest and juice, and orange zest. Let stand 3 minutes; discard tea bags. If desired, stir in rum. Transfer to a punch bowl; garnish with additional cranberries and fresh bay leaves.