Place 1 cup jasmine rice in a fine-mesh sieve and rinse under cold running water until the water runs clear; drain well.
In a medium saucepan over medium heat add 1 tablespoon olive oil and 1 tablespoon butter.
When the butter has melted, add 1/4 cup finely diced onion and 4 cloves minced garlic; sauté until the onion is softened and the garlic is fragrant.
Add the rinsed rice and 1 and 1/2 teaspoons turmeric to the pan; stir to coat the rice and combine.
Pour in 1 and 1/2 cups low-sodium chicken broth and add 1 dried bay leaf. Season with salt and pepper to taste. Increase heat and bring the mixture to a boil, uncovered.
Once boiling, reduce the heat to low, cover the pan, and simmer for 15–20 minutes, or until the liquid is absorbed and the rice is tender.
Remove the pan from heat and let it sit, covered, for 5 minutes.
Remove and discard the bay leaf, fluff the rice with a fork, taste and adjust salt and pepper if needed, then serve.