In a large soup pot over medium high heat, heat oil and add ground beef. Brown meat, stirring occasionally, until no longer pink.
Add onion and saute until tender, about 5 minutes.
Add minced garlic and cook for an additional 30 seconds.
Season with salt and pepper and stir.
Add peppers and saute for 3 minutes, until slightly tender.
Pour in diced tomatoes, tomato sauce, beef broth, Italian seasoning, and cayenne pepper if using and stir to combine.
Bring soup to a simmer and let simmer for 15-20 minutes.
Add rice and stir.
Taste soup and add salt and pepper accordingly.
Serve and garnish with chopped parsley.
ENJOY!