Peach Iced Tea

3 orange pekoe tea bags
4 cups cold water
5 (5-ounce) cans peach nectar (about 3 1/3 cups), chilled
1/4 cup chilled simple syrup or to taste

Simple syrup:
1 1/3 cups sugar
1 1/4 cups water

Peach slices for garnish

Place tea bags in a quart-size glass measure or heatproof bowl. In a saucepan bring water just to a boil and pour over tea bags. Steep tea 5 minutes and strain through a sieve into a heatproof pitcher. Cool tea and chill, covered, until cold, about 1 hour. Stir in nectar and syrup. Serve tea over ice in tall glasses and garnish with peach slices and basil sprigs. To make simple syrup: In a saucepan bring sugar and water to a boil, stirring, and boil until sugar is completely dissolved. Let syrup cool and chill, covered. Syrup may be made 2 weeks ahead and chilled, covered. Yield: Makes about 2 cups.