In a large mixing bowl, combine the flour, instant yeast, salt, sugar, oregano, basil, and garlic powder. Mix well to ensure the dry ingredients are evenly distributed.
In a separate bowl, whisk together the warm water and olive oil. Slowly pour the wet ingredients into the dry mixture and stir until a dough forms.
Knead the dough on a lightly floured surface for about 7-10 minutes, or until it is smooth and elastic.
Once kneaded, place the dough in a greased bowl, cover it with a damp cloth, and let it rise in a warm place for about 1 hour, or until doubled in size.
After the dough has risen, punch it down gently to release the air. Incorporate the shredded mozzarella and grated Parmesan cheese into the dough, kneading lightly to distribute the cheese evenly.
Shape the dough into a loaf and place it into a greased loaf pan. Alternatively, you can shape it into a round loaf and place it on a parchment-lined baking sheet.
Cover the loaf again with a damp cloth and let it rise for an additional 30 minutes.
Preheat the oven to 375°F (190°C).
Bake the bread for 25-30 minutes, or until the top is golden brown and the bread sounds hollow when tapped.
Remove from the oven and let it cool in the pan for 10 minutes before transferring to a wire rack to cool completely.
Once cool, garnish with chopped fresh parsley before slicing.