Set Instant Pot to saute and allow to preheat. While the pot heats, rinse the rice under cold water in a mesh strainer until the water runs clear. Add oil, then add the onion and cook for 2-3 minutes until softened. Add the rice and garlic and cook for 2-3 minutes until the rice is light golden brown.
Stir in the remaining ingredients and scrape any brown bits from the bottom of the pot. Seal the lid and set to manual and cook on high pressure for 4 minutes. Allow the pressure to release naturally for 10 minutes, then vent any remaining steam.
Carefully remove the lid, then fluff the rice with a fork. Add the frozen peas and cover with the lid for 2-3 minutes until the peas are warmed, then serve.