Combine water, yeast, and honey in a large bowl; stand 5 minutes until foamy.
Stir in flour, salt, and oil until shaggy dough forms; fold in walnuts and cranberries.
Knead on floured surface 8-10 minutes until smooth and elastic. Place in greased bowl; cover with damp towel and rise 1 hour until doubled.
Punch down; shape round loaf on parchment-lined baking sheet. Cover; rise 30 minutes.
Preheat oven to 375°F; score top in crosshatch with sharp knife.
Bake 40-45 minutes until golden brown and hollow-sounding when bottom tapped; cool on wire rack before slicing.