Add rice to the insert of your Instant Pot. Add water, oil, and salt. push down any rice that may be on the side of the pot to submerge in liquid.
Secure cover, turn valve to seal, and set Instant Pot on the manual setting for 5 minutes on high pressure. When the timer goes off, let naturally release for 10 minutes (in other words, leave it alone for 10 minutes).
Once 10 minutes has elapsed, quick release pressure, fluff with a fork, and serve.