In a food processor, combine the parsley, basil, chives and 1/2 cup of the olive oil and process to a loose paste. Let stand for 1 hour. Pour the oil through a fine sieve into a tall, narrow jar, stopping when you reach the sediment at the bottom. Add the remaining 1 1/2 cups of olive oil. Submerge the thyme and rosemary sprigs in the oil. Cover and let stand for 3 to 4 weeks in a cool, dark place.
Funnel the oil into a glass bottle, discarding the herb sprigs. Store in a cool, dark place for up to 2 months.