Combine the granulated sugar, 1 cup water, and thinly sliced peaches in a pot and bring to a boil over medium-high heat. Once boiling, reduce the heat to medium-low and gently crush the peaches using a wooden spoon or potato masher to release their juices and break down the flesh. This crushing technique helps extract maximum peach flavor into the syrup rather than leaving large fruit pieces intact.
Remove the pot from heat, cover it with a lid, and let the peach mixture sit undisturbed for 25-30 minutes. This resting period allows the peach flavor to fully infuse into the syrup while the fruit continues to break down. I like to let it cool slightly during this time so it's easier to handle when straining.
While the peach syrup steeps, bring 8 cups of water to a boil in a separate pot or kettle. Pour the boiling water over the loose leaf black tea and let it steep for 4-5 minutes—no longer, as over-steeping will make the tea bitter. For a smoother flavor, I add just a pinch of salt to the tea at this stage, which actually reduces bitterness and rounds out the tea's natural tannins.
Remove the tea leaves from the tea using a strainer and pour the brewed tea into a pitcher to cool. Strain the peach syrup from Step 2 through a fine-mesh strainer into a container, pressing gently on the peaches to extract all the flavorful liquid while leaving the pulp behind. Add the lemon juice to the strained peach syrup for brightness and to balance the sweetness.
Once the tea has cooled to room temperature, combine the cooled brewed tea with the peach syrup in a pitcher and stir well to blend the flavors evenly. Pour the peach tea over ice in glasses and serve with sliced fresh peaches if desired for an elegant presentation. The mixture can be served immediately while cold and refreshing.