Combine warm water, yeast, and sugar in a bowl and let stand for 5-7 minutes until foamy.
Mix together flour, salt, and black pepper in a large bowl.
Add the yeast mixture and olive oil to the flour, stirring until a sticky dough forms.
Knead the dough on a floured surface for 8 minutes until smooth, then flatten slightly and fold in the chopped olives, kneading gently to distribute.
Place dough in an oiled bowl, cover with plastic wrap, and let rise for 1.5 hours until doubled in size.
Turn dough out onto a floured surface, shape into an oval loaf, and place on a parchment-lined baking sheet.
Cover loosely and let rise for 40 minutes, then preheat oven to 425°F.
Score the top with 3-4 diagonal slashes, bake for 35-38 minutes until golden brown and crusty, then cool on a wire rack for 20 minutes before serving.