In a fine mesh colander, rinse rice well until water runs clear, about 1 minute.
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 “pressure cook” (or “manual,” depending on model) setting for 4 minutes on high pressure. It will take about 5 minutes to come to full pressure.
When the timer goes off, let pressure naturally release for 10 minutes (in other words, leave it alone).
Once 10 minutes has elapsed, quick release remaining pressure, fluff with a fork, and serve.
Recipe can easily be doubled or tripled using same proportions (1 cup rice: 1 cup water). It will take longer for the Instant Pot to come to full pressure (8 minutes for 2 cups rice, 10 minutes for 3 cups rice). Cook 4 minutes, with 10 minutes natural release
Newer Instant Pot models have a "Rice" pre-programmed setting. Feel free to use that, if you like.
Leftover rice can be refrigerated for up to 4 days or frozen for up to 2 months.