Heat the olive oil and butter in a medium saucepan over medium heat until the butter melts.
Add the minced garlic to the pan and cook for about 30 seconds until fragrant. Do not let the garlic brown.
Add the uncooked rice to the saucepan and stir constantly for 1 to 2 minutes to toast the grains slightly.
Pour in the chicken broth or water, salt, and pepper. Bring the mixture to a boil.
Once boiling, immediately reduce the heat to the lowest setting, cover the saucepan tightly with a lid, and simmer for 15 minutes without lifting the lid.
Remove the saucepan from the heat and let it stand, covered, for an additional 10 minutes.
Fluff the rice gently with a fork before serving. Garnish with fresh parsley if desired.