In saucepan, combine olive oil, herb sprigs, garlic and peppercorns. Set over low heat just until seasonings become fragrant. Stir in lemon juice and peel.
Place olives in a shallow dish. Pour warm oil and seasonings over olives and toss gently.
Cover and let stand at least 2 hours before serving. Store in refrigerator up to two weeks in a covered jar (shake occasionally).