Add rinsed rice to the Instant Pot; cover with water. Add salt and olive oil and stir slightly.
Lock on the Instant Pot lid. Set the Instant Pot to manual, high pressure, 8 minutes (for white/jasmine/basmati rice) or 15 minutes (for brown rice).
Once the cook cycle is over, quick release the pressure. Fluff rice with a fork and remove from the warming setting (so rice doesn't dry out).