1. Cook bacon in a large, heavy saucepan over medium-low heat 6 minutes or until crisp. Stir in onion; cover and cook 8 minutes or until the onion is tender, stirring occasionally.
2. Strain oysters through a sieve over a bowl. Reserve oysters; add oyster liquid to pan. Combine clam juice and flour in a small bowl; stir with a whisk until smooth. Add clam juice mixture, broth, and bay leaf to pan. Increase heat to medium-high. Bring mixture to a boil; cook until reduced to 2 cups (about 6 minutes).
3. Reduce heat to low. Discard bay leaf. Stir in rice, milk, half-and-half, salt, and pepper. Cover and simmer 10 minutes. Stir in reserved oysters; cook 5 minutes or until edges of oysters curl. Sprinkle with chopped fresh parsley, if desired.