1. Rinse rice well; drain in colander. Place in a deep nonstick pot or rice cooker with water and salt. Bring to a boil over high heat; reduce to a simmer. Cook until all liquid is absorbed, 15 to 20 minutes.

2. Drizzle oil over top of rice; stir gently with a wooden spoon. Gently press rice into an even layer. Reduce heat to medium-low. Place a clean dish towel over top of pot; cover firmly, wrapping sides of towel around top of lid to prevent steam from escaping. Cook over medium-low heat for 50 to 60 minutes. Gently pull rice away from side of pan with a spatulaâ??there should be a nice golden crust.

3. Remove from heat, remove lid, and drizzle saffron water over the rice. Cover immediately, and allow to cool 5 minutes.

4. Remove lid; invert carefully onto a serving plate. Serve warm, cut in wedges.