In a large bowl, combine warm water, yeast, and honey. Let stand for 5 minutes until foamy.
Add flour, salt, and olive oil to the yeast mixture. Stir until a shaggy dough forms, then fold in the toasted walnuts and cranberries.
Knead the dough on a floured surface for 8-10 minutes until smooth and elastic. Place in a greased bowl, cover with a damp towel, and let rise for 1 hour until doubled in size.
Punch down the dough and shape into a round loaf. Place on a parchment-lined baking sheet, cover, and let rise for 30 minutes.
Preheat oven to 375°F. Score the top of the loaf with a sharp knife in a crosshatch pattern.
Bake for 40-45 minutes until golden brown and the loaf sounds hollow when tapped on the bottom. Cool on a wire rack before slicing.