Heat oil and butter over medium heat. Add onion and saute until tender, about 5 minutes. Add rice and stir to coat in oil. Let rice toast for about 30 seconds. Add the broth and bring to a boil.

Cover pot, turn heat down to low to simmer and cook 30 minutes. Turn off heat and let rice sit, covered, for another 5 minutes. Fluff rice, season to taste with salt and pepper, and serve topped with chopped parsley.